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Adesto Technologies Q1 loss widens 56.6% YOY

Adesto Technologies Corp. said its normalized net income for the first quarter amounted to a loss of 15 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 16 cents per share.

The per-share loss narrowed 94.2% year over year from $2.49.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.2 million, compared with a loss of $1.4 million in the prior-year period.

The normalized profit margin dropped to negative 21.4% from negative 14.4% in the year-earlier period.

Total revenue grew 5.0% on an annual basis to $10.2 million from $9.7 million, and total operating expenses increased 15.6% from the prior-year period to $13.4 million from $11.6 million.

Reported net income totaled a loss of $1.5 million, or a loss of 10 cents per share, compared to a loss of $2.3 million, or a loss of $4.07 per share, in the year-earlier period.