RE:AS good as can be expectedStill work to be done but there's that saying ,"“A thousand-mile journey begins with the first step."
The Company generated gross margin of 52% in Q1 2023 compared to 45% for the same period in the prior year. This improvement in gross margin was primarily affected by the change in revenue mix as a result of the higher proportion of Software and Data Solutions revenue in the quarter.
Adjusted EBITDA Margin was 5% in Q1 of 2023 compared to (1%) in Q1 of 2022.
The next section is a little confusing to me ; maybe it's stock based compensation related
In Q1 2023, operating expenses excluding depreciation, amortization and stock-based compensation increased by 20% to $10.3M compared sequentially to $8.6M in Q4 2022. These expenses increased to 47% of revenue in Q1 compared to 40% of revenue in Q4 2022.Think recorded certain one-time annual cost adjustments in the fourth quarter of 2022 such that the total operating expenses recorded for that period were below the expected baseline operating expenses in future quarters