Spectrum Global Solutions Reports Over $4 Million in Revenue For First Quarter 2021, Narrows Operating Loss for Period
Spectrum Global Solutions (SGSI) reported Q1 2021 financial results, revealing a narrowed operating loss of $559k compared to over $900k in Q1 2020. Revenues reached $4.07 million, down from $5.22 million, reflecting COVID-19's impact. Net loss per share improved to $0.53 from $4.89. Management changes have led to streamlined operations, while opportunities are increasing across business segments. The company aims to capitalize on improving customer sentiment and expedite growth as pandemic challenges ease.
- Narrowed operating loss to $559k from over $900k year-over-year.
- 42% improvement in operating loss from business units to $112k.
- Increased funnel opportunities and improved customer sentiment.
- Revenues decreased to $4.07 million, down from $5.22 million.
- Net loss per share at $0.53 despite prior year's loss of $4.89.
BOCA RATON, Fla., May 17, 2021 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (the "Company") (OTCQB:SGSI) reported financial results for the three months ended March 31, and provides a Management Discussion and Analysis.
The impact of COVID-19 was evident in the Company’s First Quarter revenues. However, our overall business performance has improved year over year. Here are some of the highlights from Q1 2021:
- Operating loss was narrowed to
$559 k from over$900 k for the same quarter 2020- Of this loss,
$430 k is related to corporate overhead and the cost of being public $28 k was related to one-time costs associated with the costs of acquisitions and financing related activities
- Of this loss,
- Net Loss per share of
$0.53 compared to$4.89 - Operating loss from the business units was
$112 k compared to$193 k – a42% improvement- Approximately
$99 k of this loss is attributable to an A/R factoring line that the Company is currently seeking to convert to a traditional line of credit subsequent to the merger of High Wire
- Approximately
- Management has been streamlined and overhead costs reduced
- Funnel opportunities are up across all segments of the business
- Customer sentiment has improved across all segments
After taking over in March, the management team led by CEO Mark Porter, worked as quickly as possible to assess, stabilize, and reorganize the business. While the Company believes this is a continuous process, it was particularly intensive in March and April. We believe that the improvement in our financial results is just the beginning, and that the transformation we have started will set the Company on solid footing for the future. Our plan is to go faster as the headwinds of COVID-19 begin to ease, and we work with our customers to deliver innovative solutions they need.
Our operating results for the Period ended March 31, 2021 and 2020 are summarized as follows:
| Spectrum Global Solutions, Inc, | ||||||||
| Consolidated Statement of Operations | ||||||||
| Three Month ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Revenues | $ | 4,065,989 | $ | 5,216,346 | ||||
| Operating expenses | 4,617,308 | 6,155,150 | ||||||
| Loss from operations | (551,319 | ) | (938,804 | ) | ||||
| Total other income (expense) (a) | (9,540,317 |
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FAQ
What were Spectrum Global Solutions' Q1 2021 revenues?
Spectrum Global Solutions reported Q1 2021 revenues of $4.07 million.
How did Spectrum Global Solutions' operating loss change in Q1 2021?
The operating loss was narrowed to $559k in Q1 2021 from over $900k in Q1 2020.
What was the net loss per share for SGSI in Q1 2021?
The net loss per share for Spectrum Global Solutions in Q1 2021 was $0.53.
How did management changes affect Spectrum Global Solutions in Q1 2021?
New management streamlined operations and improved customer sentiment, leading to increased business opportunities.
Did COVID-19 impact Spectrum Global Solutions' financial results?
Yes, the impact of COVID-19 was evident in the company's revenues for Q1 2021.
SGSI
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