Revenue during the quarter plunged 40.85 percent to $2.56 million from $4.33 million in the previous year period. Gross margin for the quarter contracted 224 basis points over the previous year period to 90.06 percent.

Operating loss for the quarter was $2.59 million, compared with an operating loss of $2.08 million in the previous year period.

Wave Systems Corporation  has spent $10.10 million cash to meet operating activities during the nine month period as against cash outgo of $12.37 million in the last year period.

The company has spent $0.08 million cash to meet investing activities during the nine month period as against cash outgo of $0.10 million in the last year period.

Cash flow from financing activities was $8.74 million for the nine month period, down 40.46 percent or $5.94 million, when compared with the last year period.

Cash and cash equivalents stood at $0.33 million as on Sep. 30, 2015, down 92.30 percent or $4 million from $4.33 million on Sep. 30, 2014.

Working capital remains negative

Working capital of Wave Systems Corporation was negative $6.88 million on Sep. 30, 2015 compared with negative $1.92 million on Sep. 30, 2014. Current ratio was at 0.28 as on Sep. 30, 2015, down from 0.78 on Sep. 30, 2014.

Days sales outstanding went down to 33 days for the quarter compared with 43 days for the same period last year.

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