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Bsquare Corporation (NASDAQ: BSQR) announced the appointment of Cheryl Wynne as Chief Financial Officer, effective February 16, 2023, following the departure of Chris Wheaton. Cheryl has been with Bsquare since November 2020 as Corporate Controller and Senior Director of Finance. She is a Certified Public Accountant with experience in finance and accounting from companies like Ernst & Young and Nordstrom, as well as leadership roles in the non-profit sector. Bsquare aims for break-even operations in 2023 and is optimistic about its growth potential under Cheryl's guidance. CEO Ralph C. Derrickson expressed confidence in her capabilities.
Bsquare Corporation announced a $5 million share repurchase program approved by its Board of Directors, allowing for the purchase of common stock through various methods. CEO Ralph C. Derrickson stated that this program aims to provide value to shareholders while maintaining capacity for growth. The program has no time limit and will be conducted based on market conditions and liquidity. This move highlights the company’s commitment to enhancing shareholder value amidst current trading dynamics.
Bsquare Corporation (NASDAQ: BSQR) reported a 19% decline in total revenue for Q3 2022, amounting to $8.4 million, primarily due to economic headwinds and supply chain challenges affecting Partner Solutions. Gross profit fell by $0.5 million, leading to a loss from operations of $1.2 million, worsening from the previous quarter. Despite investing $22.1 million in treasury bills, cash reserves decreased to $37.1 million. The company is adjusting its 2023 strategy towards achieving breakeven operations while focusing on organic growth.
Bsquare Corporation (NASDAQ: BSQR) will release its financial results for Q3 on November 10, 2022, after market close. A conference call will occur at 5:00 p.m. ET to discuss the earnings. Interested participants can join by dialing 1-888-882-4478 or 1-856-344-9299 for international calls. A replay will be available for two weeks afterward. Bsquare specializes in building connected products and IoT networks, serving a global customer base from its locations in Seattle and the UK.
Bsquare Corporation (NASDAQ: BSQR) has entered into a Cooperation Agreement with major shareholder Richard Karp, planning to propose the declassification of its board of directors during the 2023 Annual Meeting. This initiative aims to transition to one-year terms for all board members over a three-year period. Karp has also withdrawn his nominations for the upcoming 2022 Annual Meeting. CEO Ralph Derrickson noted that declassification aligns with governance best practices and expressed optimism regarding the success of this proposal.
Bsquare Corporation (NASDAQ: BSQR) reported a quarterly revenue of $10.4 million for Q2 2022, marking a 7% increase from Q1 2022. Although the company experienced a net loss of $0.6 million ($0.03 per diluted share), this represented an improvement from the $0.9 million loss reported in the previous quarter. Gross profit rose to $1.6 million, driven by growth in the Edge to Cloud segment. Cash reserves stood at $37.8 million, despite a $2.2 million decrease since year-end 2021. The management emphasized its focus on organic growth and evaluating opportunities for inorganic expansion.
Bsquare Corporation has appointed Bernee D. L. Strom to its Board of Directors, enhancing its leadership team with her extensive entrepreneurial experience. Ms. Strom has a successful track record on both public and private boards, including her recent tenure at MicroVision. She believes Bsquare is positioned for growth and has the necessary capital to execute its strategies. The CEO, Ralph C Derrickson, expressed enthusiasm about her joining, emphasizing the immediate impact her experience will bring in driving growth and profitability.
Bsquare Corporation (NASDAQ: BSQR) is set to release its financial results for Q2 2022 on August 11, 2022, after market close. A conference call will occur at 5:00 p.m. ET, where stakeholders can discuss the earnings report. Participants can join by dialing 1-888-394-8218 or 1-856-344-9221 for international calls. The earnings call will be accessible via a live webcast on Bsquare's investor relations page. Bsquare specializes in building connected products with a global network of IoT devices, enhancing productivity while focusing on security and resource preservation.
Bsquare Corporation (NASDAQ: BSQR) reported a revenue increase of 7% to $9.7 million in Q1 2022, up $0.7 million from Q4 2021. Partner Solutions revenue rose by $1.0 million, while Edge to Cloud revenue dropped by $0.3 million. Gross profit improved by $0.2 million, but the company sustained a net loss of $0.9 million, consistent with the previous quarter. Cash reserves decreased to $39.4 million. Marketing initiatives targeting connected device makers were initiated, expecting to yield results in H2 2022.
Bsquare Corporation (NASDAQ: BSQR) will announce its first-quarter financial results for 2022 on May 12, after market close. The results cover the period ending March 31, 2022. Following the announcement, a conference call is scheduled for 5:00 PM ET to discuss the results. Interested participants can join via phone or webcast. A replay will be available for two weeks post-call. Bsquare specializes in IoT solutions, helping clients build connected products that enhance productivity and sustainability.
