Spectra7 Microsystems (TSX: V.SEV, Stock Forum) announced financial and operational results today for Q2 and first half 2014 by noting that the company had achieved record revenues during the quarter.
According to the news release, the company generated $1.1 million in revenue for the quarter, 11% better than the previous quarter, which pushed the six-month revenue figure past $2.0 million, up a full 44% from the first half of 2013.
Margins for the quarter were also strong at 76% with six month margins beating the previous year by 11%.
CouchConnect™, a low-latency, ultra-light active HDMI gaming interconnect that allows gamers to bring mobile gaming to a large screen HDTV, was successfully launched in Q2.
The company also commenced production of its Virtual Reality VR7100 based on design wins and subsequent orders for use in wearable computing and virtual reality platforms in the growing VR sector.
On top of that, milestones were reached with Display Direct™ in pursuit of design wins with successful product demonstrations to leading tier 1 flat panel OEMs.
Company CEO, Tony Stelliga, commented on the company's prospects, “Spectra7 is at the cusp of a new and exciting growth phase driven by the global growth of wearable computing, virtual reality and ultra-thin high resolution displays.”
He went on to explain, “Recent first market availability of leading consumer products featuring the Company's latest products underscore the Company's ability to rapidly deliver new products that enhance consumer experience.”
Then illustrated, “Our high performance analog signal processing capabilities and strong system expertise enable us to deliver on our vision of setting the industry standard for ultra-light, micro thin extended interconnects capable of delivering ultra-high resolution and dramatic consumer appeal of product industrial design.”
And finally concluded, “As a result, Spectra7 continues to demonstrate its ability to execute operationally to drive revenue growth and gross margin.”
Spectra7 was in the news recently when the Toronto-based company announced that its Spectra7 chip had enabled a breakthrough wearable computing interconnect fabric.
Currently there are 80.0m outstanding shares with a market cap of $30.8 million.