Revenue during the quarter plunged 66.75 percent to $66.25 million from $199.25 million in the previous year period. Gross margin for the quarter contracted 797 basis points over the previous year period to 42.89 percent. Operating margin for the quarter stood at negative 20.42 percent as compared to a positive 33 percent for the previous year period.

Operating loss for the quarter was $13.53 million, compared with an operating income of $65.74 million in the previous year period.

“We enter 2017 in a strong position, with solid fourth quarter results and several new international awards. In 2016, we achieved record bookings, with major awards from Con Edison, Entergy and Pacific Power, generated over $20.7 million in operating cash flow for the year, and finished the year with more than 25.5 million cumulative network endpoints delivered,” said Mike Bell, President and Chief Executive Officer. “We are focused on ramping production of our Gen5 platform for our major upcoming deployments, driving international growth, and expanding our platform to additional smart utility applications and new vertical markets within the broader Internet of Important Things™ opportunity.”

The company has spent $33.92 million cash to meet investing activities during the year as against cash outgo of $11.69 million in the last year.

The company has spent $1.61 million cash to carry out financing activities during the year as against cash outgo of $3 million in the last year period.

Cash and cash equivalents stood at $50.38 million as on Dec. 31, 2016, down 22.80 percent or $14.88 million from $65.26 million on Dec. 31, 2015.

Working capital increases sharply
Silver Spring Networks, Inc has recorded an increase in the working capital over the last year. It stood at $15.18 million as at Dec. 31, 2016, up 168.20 percent or $9.52 million from $5.66 million on Dec. 31, 2015. Current ratio was at 1.04 as on Dec. 31, 2016, up from 1.01 on Dec. 31, 2015.