MoSys, Inc. (MOSY) saw its loss narrow to $4.70 million, or $0.07 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.10 million, or $0.15 a share. On the other hand, adjusted net loss for the quarter narrowed to $4.03 million, or $0.06 a share from a loss of $9.26 million or $0.14 a share, a year ago. Revenue during the quarter surged 53.91 percent to $1.57 million from $1.02 million in the previous year period. Gross margin for the quarter expanded 3576 basis points over the previous year period to 58.17 percent.
Operating loss for the quarter was $4.46 million, compared with an operating loss of $10.11 million in the previous year period.
"During the quarter, we secured double-digit design wins, including Bandwidth Engine 2 wins for IP security appliance and video applications and multiple LineSpeed wins with new customers for networking, monitoring, and module applications," commented Len Perham, MoSys’ president and chief executive officer. "We are also beginning to ship initial production quantities of Bandwidth Engine 2 to our lead IP security appliance customer. Furthermore, I am particularly encouraged by the interest in our Programmable Search Engine for applications in the expanding data-center market segment."
Working capital drops significantly
MoSys, Inc. has witnessed a decline in the working capital over the last year. It stood at $12.92 million as at Sep. 30, 2016, down 45.72 percent or $10.89 million from $23.81 million on Sep. 30, 2015. Current ratio was at 6.27 as on Sep. 30, 2016, down from 10.78 on Sep. 30, 2015. Cash conversion cycle (CCC) has decreased to 79 days for the quarter from 136 days for the last year period. Days sales outstanding went down to 31 days for the quarter compared with 38 days for the same period last year.
Days inventory outstanding has decreased to 100 days for the quarter compared with 146 days for the previous year period. At the same time, days payable outstanding went up to 51 days for the quarter from 49 for the same period last year.
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