SPECTRA7 MICROSYSTEMS INC - SPVNF STOCK NEWS

Spectra7 Microsystems Inc. reported a record first-half revenue of $5.6 million, reflecting over 330% growth year-over-year. The second quarter revenue reached $3.5 million, a 380% increase from $0.7 million in the previous year. However, gross margin fell to 43% from 59% due to increased costs for wafers and supply chain constraints. The company expects second-half revenue between $4.6 million and $6.0 million and aims for a full-year total exceeding $11.0 million.

On June 22, 2022, Spectra7 Microsystems Inc. announced a collaboration with ACES Electronics to design Active Copper Cable assemblies utilizing Spectra7's GaugeChanger™ chips for hyperscaler and OEM/ODM markets. This technology offers significant power savings (700% to 1000%) compared to traditional solutions, supporting speeds of 25 Gbps to 800 Gbps. ACES anticipates delivering product samples in the latter half of 2022, enhancing product access across global data center interconnect markets.

Spectra7 Microsystems Inc. announced the results of its Annual and Special Meeting of Shareholders held on June 9, 2022. All resolutions were adopted, including the election of directors, appointment of auditors, and approval of Amended Equity Incentive Plans. These plans reserve up to 6,710,018 common shares, approximately 20% of current outstanding shares, for issuance. The Amended Plans were approved by the board prior to the meeting, granting 227,882 restricted shares to certain directors and service providers. Final approval is pending from the TSX Venture Exchange.

Spectra7 Microsystems Inc. reported a remarkable 275% increase in Q1 2022 revenue, reaching approximately $2.1 million, up from $0.6 million a year earlier. The company anticipates first-half revenue to surge by over 300% year-over-year, driven by high demand for its products in data centers and AR/VR. Challenges included $1 million in delayed shipments due to Covid-related closures in China, impacting gross margin, which fell to 43% from 57%. Operating expenses rose to $2.4 million. EBITDA loss expanded to $(1.3) million.

Spectra7 Microsystems Inc. (OTCQB: SPVNF) has announced its participation in two upcoming investor conferences. The first is the Loop Capital Markets 2022 Investor Conference on June 1, 2022, from 10:00 a.m. to 2:00 p.m. ET, hosted virtually. The second event, LD Micro Invitational XII, will be held in person on June 8, 2022, with a presentation at 9:30 a.m. PT at the Four Seasons Hotel in Westlake Village, CA. Investors can arrange one-on-one meetings through Loop Capital or contact Spectra7's investor relations.

Spectra7 Microsystems announces the commencement of production for its DreamWeVR™ chipset, following a significant design win from a major VR game platform provider. Initial shipments are underway and production is set to ramp over multiple years. The VR game industry is projected to grow from $7.9 billion in 2021 to $53.4 billion by 2028, presenting a lucrative opportunity for Spectra7. The chipset supports 4K HDR at up to 120Hz, enabling advanced VR experiences with ultra-low power consumption.

Spectra7 Microsystems reported impressive financial results for the fiscal year 2021, achieving $5.5 million in revenue, a remarkable 429% increase from 2020. The fourth quarter saw revenue soar to $2.6 million, marking a 591% year-over-year growth. Gross margin improved to 58%, up from 51% the previous year. However, the company continues to operate at a loss, reporting a basic loss per share of $(0.29). Looking ahead, revenue for Q1 2022 is estimated at $2.0 million, with anticipated growth in the first half of $5.5 to $7.0 million.

Spectra7 Microsystems Inc. reported preliminary Q1 2022 revenue estimates of approximately $2 million, due to Covid-related supply chain disruptions. The company's total customer orders for 2022 exceed $11 million, with unconstrained demand surpassing $20 million. Revenue for the first half of 2022 is projected to rise by 285% compared to the same period in 2021, reaching between $5.5 million and $7 million. The company is accelerating capital deployment to enhance supply and production capabilities.

Spectra7 Microsystems announced its participation at DesignCon 2022, showcasing a demonstration of 100Gbps server connectivity with Broadcom. The event will take place in Santa Clara, CA on April 6-7, 2022. The focus is on Active Copper Cables to meet the growing demands of hyperscale server interconnects, as the adoption of 56G PAM4 signaling rises. The global Ethernet adapter NIC market is projected to grow from $1.77 billion in 2019 to $16.30 billion by 2027, indicating a strong market opportunity. Spectra7 will exhibit at booth #1158.