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VirnetX Q1 loss widens 47.0% YOY

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VirnetX Q1 loss widens 47.0% YOY

VirnetX Holding Corp. said its normalized net income for the first quarter was a loss of 10 cents per share, compared with a loss of 7 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.4 million, compared with a loss of $3.7 million in the year-earlier period.

Total revenue held steady year over year at $375,000, and total operating expenses climbed 46.6% year over year to $9.0 million from $6.1 million.

Reported net income totaled a loss of $8.6 million, or a loss of 16 cents per share, compared to a loss of $5.9 million, or a loss of 11 cents per share, in the year-earlier period.