Preliminary Fourth Quarter 2021 Revenue Q4 2021 Revenue Expected to Be Up Approximately 600% Year-Over-Year
2022 Unconstrained Demand Expected to Exceed $20 million, Driven by $9 Million Starting Backlog
SAN JOSE, Calif., Jan. 24, 2022 /PRNewswire/ -- (TSXV: SEV) (OTCQB: SPVNF) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, today announced preliminary selected and unaudited financial results and a business update for the three month period ended December 31, 2021, and its initial outlook for fiscal 2022. Unless otherwise indicated, all dollar amounts in this press release are expressed in US dollars.
- Preliminary fourth quarter revenue of $2.6 million, up approximately 600% year-over-year1
- Gross margin2 as a percentage of revenue in the fourth quarter increased to approximately 59%1
- Total order backlog of approximately $9 million entering 2022, with Q1 order demand starting at $6 million
- Full-year 2022 unconstrained product demand is expected to exceed $20 million, with revenue realization within the year potentially constrained by supply availability 3
"We had a very strong close to fiscal 2021 with hyperscale product sales driving fourth quarter revenue to a record high since our pivot into the data center market," said Raouf Halim, Chief Executive Officer. "Our visibility into 2022 has improved significantly as we start the new year with total order backlog of more than $9 million. First quarter demand is starting at $6 million. While industry-wide supply chain constraints are causing delays in delivering our customers' orders, we believe that we can satisfy at least half of our first quarter demand based on our current visibility to supply. Importantly, we expect our supply constraints to ease in the second half of 2022. We have also increased our total design ins from 95 to 98, to end the year of 2021 on a high note."3