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Sysorex Global Holdings Corp. Reports Results For The Third Quarter Ended September 30, 2015

The following excerpt is from the company's SEC filing.

Palo Alto, CA – (November 4, 2015)

– Big data analytics and solutions provider Sysorex (NASDAQ: SYRX) today reported financial results for the Third Quarter ended September 30, 2015.

“Our accomplishments in the third quarter demonstrate our trend toward driving growth in our professional services, proprietary data analytics and AirPatrol products, which should inherently drive higher gross margins,” said Nadir Ali, CEO. “Our recent follow-on contract with Daruna, valued at approximately $91 million over a 15 year period, is evidence tha t our acquisitions and subsequent integration efforts are progressing as anticipated. We remain highly encouraged by our performance across our integrated business segments and look forward to the planned 2016 rollout of our LightMiner Analytics solution, a unique high-speed database technology which will allow clients to manage and analyze massive amounts of data in near-real time, either on premise or in the cloud,” he added.

Third Quarter Financial Highlights:

Q3 2015 Revenue of $14.9 Million

Q3 2015 Gross Margin of 30%

Q3 2015 GAAP net loss of $0.16 per share

Proforma Non-GAAP net loss

of $0.09 per share

Q3 2015 Non-GAAP Adjusted EBITDA

of ($1.5 Million)

Revenue:

Total revenues for the three months ended September 30, 2015 were $14.9 million compared to $14.3 million for the comparable period in the prior year. The $600,000 increase in revenues, or approximately 4.2%, was primarily attributable to an increase in Professional Services revenue. Total third quarter 2015 revenue included $10.3 million of Storage and Computing revenue, $871,000 of SaaS revenue, $487,000 of Mobile, IoT and Big Data Products revenue and $3.2 million of Professional Services revenue.

Gross Profit:

Total gross profit for the three months ended September 30, 2015 was $4.4 million compared to $4.3 million for the comparable period in the prior year. The gross profit margin for the three months ended September 30, 2015 was approximately 30% compared to approximately 30% for the three months ended September 30, 2014.

Net Loss:

GAAP net loss attributable to common stockholders for the three months ended September 30, 2015 was $3.2 million compared to $2.5 for the prior year period. This increase of $700,000 was primarily due to an adjustment to the Airpatrol intangibles resulting in a decrease of approximately $450,000 in amortization during the three months ended September 2014. In addition we incurred approximately $125,000 more in operating expenses, approximately $174,000 more in amortization of intangibles for the LightMiner acquisition offset by approximately $113,000 more in gross margin from Professional Services sales during the three months ended September 30, 2015.

Non-GAAP net loss

: Pro-forma non-GAAP net loss

for the three months ended September 30, 2015 was $1.8 million compared to non-GAAP net loss of $1.7 million for the comparable period in the prior year. Proforma non-GAAP net loss or income per basic and diluted common share for the three months ended September 30, 2015 was a loss of ($0.09) per share compared to a loss of ($0.08) per share for the prior year period. Non-GAAP net loss or income per share is defined as net loss or income per basic and diluted share adjusted for non-cash items including stock based compensation, amortization of intangibles and one time charges including acquisition costs, severance costs, change in the fair value of shares to be issued and the costs associated with the public offering.

Non-GAAP adjusted EBITDA

: Total Non-GAAP adjusted EBITDA for the three months ended September 30, 2015 was a loss of $1.5 million compared to a loss of $1.5 million for the prior year period. Non-GAAP adjusted EBITDA is defined as net income or loss before interest, provision for income taxes, and depreciation and amortization – adjusted for other income or expense items, one time charges including acquisition costs, severance costs, change in the fair value of shares to be issued, costs associated with the public offering, and non-cash stock-based compensation.

A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”

Third Quarter Business Highlights:

Secured $91 Million, 15-year Follow-on Contract With Daruna

Secured $1 Million AirPatrol CyberSecurity Engagement With US Government Agency

Secured New Systems Development Engagement With Gemini Observatory

Named Kevin R. Harris Chief Financial Officer

Secured $900,000 High Performance Computers & Systems Contract on Development of NASA Orion Spacecraft

Announced $5.25 Million...


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