Spectra7 Microsystems Inc Stock Price, News & Analysis

Spectra7 Microsystems revealed the outcomes of its 2024 Annual and Special Meeting of Shareholders, held on June 27, 2024. Key decisions included the election of Raouf Halim, Roger Maggs, Christopher Morgan, and Ronald Pasek as directors, the appointment of an auditor, and approval of amendments to the company's stock option and restricted share unit plans. The amended equity incentive plans reserve up to 27,564,478 common shares, accounting for roughly 20% of the company's issued and outstanding shares as of May 17, 2024. These plans are awaiting the final approval of the TSX Venture Exchange.

Spectra7 Microsystems announced the retirement of CEO Raouf Halim, effective June 15, 2024. Board Chair Ron Pasek will assume the role of Interim CEO while the company searches for a permanent successor. Halim, who served as CEO since 2016, led Spectra7 through significant growth, transforming it into a leader in high-performance analog semiconductors for hyperscale data centers and AI networks. Pasek, a director since 2015, brings extensive tech industry experience and will work closely with the executive team to maintain strategic momentum. Halim will remain on the Board of Directors.

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.