Bsquare Reports Second Quarter 2020 Financial Results
SEATTLE, Aug. 13, 2020 /PRNewswire/ -- Bsquare Corporation (NASDAQ: BSQR) today announced financial results for the second quarter of 2020. For the second quarter of 2020, revenue was $8.9 million, net loss was $1.1 million, adjusted EBITDAS was negative $0.8 million, and cash increased by $1.9 million.
"COVID-19 and seasonal ordering patterns ended our three-quarter trend of increasing revenue. Partner Solutions segment revenue, which was strong in Q1 2020, was particularly affected as customer ordering slowed and magnified the quarter over quarter decrease. The challenges of the pandemic, however, did drive a higher level of collaboration that allowed us to strengthen relationships and retain our customers. Aggressive expense and cash management for the past several quarters enabled us to bolster our cash reserves," said Ralph C, Derrickson, CEO and President of Bsquare.
Added Derrickson: "The COVID-19 pandemic is driving rapid change in every corner of life and work, creating new requirements for the systems we all rely on. As our customers are responding we are seeing evidence that there is a significant role for Bsquare's intelligent device and system services, and we remain confident that our technology will be part of the answer."
Second Quarter 2020 Financial Highlights
Details as follows (unaudited, in thousands except percentages and per share amounts):
Financial Commentary on Second Quarter 2020 Results Compared to Second Quarter 2019
Management will host a conference call today, August 13, 2020, at 5 p.m. Eastern Time (2 p.m. Pacific Time). To access the call dial 1-866-248-8441 or?1-856-344-9206 for international callers, and reference "BSQUARE Corporation Second Quarter 2020 Earnings Conference Call." A replay will be available for two weeks following the call by dialing 1-844-512-2921, or 1-412-317-6671 for international callers; reference pin number 2721094. A live and replay Webcast of the call will be available at www.bsquare.com in the investor relations section.
About Bsquare Corporation
Bsquare builds technology that is powering the next generation of intelligent devices and the systems in which they operate. We believe the promise of IoT will be realized through the development of intelligent devices and intelligent systems that are cloud-enabled, contribute data, facilitate distributed control & decision making, and operate securely at scale. Bsquare's suite of services and software components allow our customers to create new revenue streams and operating models while providing new opportunities for lowering costs and improving operations. We serve a global customer base from offices in Seattle, Washington, and the United Kingdom. For more information, visit www.bsquare.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of the safe-harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "expect," "believe," "plan," "strategy," "future," "may," "should," "will," and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our preparation for and ability to service customers during the COVID-19 pandemic and our ability to achieve our business plans, strategies and expectations. Forward-looking statements are neither historical facts nor assurances about future performance. Instead, they are based on current beliefs, expectations and assumptions about the future of our business and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: our ability to execute our development initiatives and sales and marketing strategies; the extent to which we are successful in gaining new long-term customers and retaining existing ones; whether we are able to maintain our favorable relationship with Microsoft as a systems integrator and distributor; our success in leveraging strategic partnering initiatives with companies such as Microsoft, AWS and Intel; the impact of COVID-19 on our business; risks relating to our receipt of a PPP loan; and such other risk factors as discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. Except as may be required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Bsquare and the Bsquare Logo are trademarks of Bsquare Corporation in the U.S. and other countries. Other names and brands herein may be trademarks of others.
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