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Spectra7 Microsystems Inc. (TSXV:SEV, OTCQB:SPVNF) announced its financial results for Q1 2024, ending March 31, 2024. Revenue was $0.8 million, up from $0.3 million in Q4 2023 but down from $3.1 million in Q1 2023. Gross margin was 41%, a decrease from 57% in Q4 2023 and 63% in Q1 2023. Non-IFRS operating expenses were $2.1 million, down from $3.5 million in Q4 2023 and $2.2 million in Q1 2023. The basic and diluted loss per share was $(0.06), improved from $(0.11) in Q4 2023 and $(0.03) in Q1 2023. EBITDA loss was $1.4 million, compared to $3.2 million in Q4 2023 and $70,000 in Q1 2023. Post Q1, the company raised C$10.7 million in new capital and eliminated C$11.7 million in convertible debt. Spectra7 aims to secure commercial orders from global data center customers for its active copper cable products in the second half of 2024.
Spectra7 Microsystems Inc. announced its financial results for the year ending December 31, 2023, with revenue of $9.9 million, a 57% gross margin, and a full year EBITDA loss of $4.1 million. The Company reiterated its Q1 2024 revenue guidance of approximately $0.75 million, with liquidity and exploring various alternatives to address the situation. The stock symbol for Spectra7 is SPVNF.