Spectrum Global Solutions Reports Over $4 Million in Revenue For First Quarter 2021, Narrows Operating Loss for Period
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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