MoSys, Inc. (MOSY) saw its loss widen to $14.48 million, or $2.18 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $6.51 million, or $0.99 a share. On the other hand, adjusted net loss for the quarter narrowed to $4.23 million, or $0.64 a share from a loss of $5.69 million or $0.87 a share, a year ago.
Revenue during the quarter dropped 14.46 percent to $1.37 million from $1.60 million in the previous year period. Gross margin for the quarter expanded 1190 basis points over the previous year period to 56.77 percent.
Operating loss for the quarter was $14.28 million, compared with an operating loss of $6.50 million in the previous year period.
"Fourth quarter revenue primarily reflected continued shipments of Bandwidth Engine 2, including increased orders for early production units from our lead IP security appliance customer," commented Len Perham, president and chief executive officer of MoSys. "While our product revenue increased in 2016 over 2015, we did not achieve our full year revised IC revenue guidance due to delays in customer ramps and order cancellations from a lead Programmable Search Engine (PSE) customer in the fourth quarter. Our initial PSE data-center customer chose not to continue to adapt our PSE and associated internal software for use in its next-generation product, and, instead, opted for an alternative solution."
Working capital drops significantly
MoSys, Inc. has witnessed a decline in the working capital over the last year. It stood at $8.92 million as at Dec. 31, 2016, down 54.65 percent or $10.74 million from $19.66 million on Dec. 31, 2015. Current ratio was at 3.67 as on Dec. 31, 2016, down from 6.46 on Dec. 31, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
