Financial Performance - Total revenue for the three months ended September 30, 2022, was $8,406,000, a decrease of 21.0% compared to $10,646,000 for the same period in 2021[17] - Net loss for the nine months ended September 30, 2022, was $2,638,000, compared to a net loss of $1,462,000 for the same period in 2021, representing an increase in loss of 80.2%[22] - For the nine months ended September 30, 2022, total revenue was $28,532, a slight increase from $28,393 in the same period of 2021[42] - The company reported a net loss of $2,638 for the quarter ended September 30, 2022, compared to a net loss of $1,462 for the same quarter in 2021[29] - Total revenue for Q3 2022 was $8.406 million, a decrease of 21% compared to $10.646 million in Q3 2021[103] - The company recorded a net loss of $1.125 million for Q3 2022, compared to a net loss of $0.895 million in Q3 2021[104] Cash and Assets - Cash and cash equivalents decreased to $26,165,000 as of September 30, 2022, from $39,529,000 as of December 31, 2021, a decline of 33.9%[15] - Total current assets decreased to $42,279,000 as of September 30, 2022, from $45,410,000 as of December 31, 2021, a decrease of 5.0%[15] - Total shareholders' equity decreased to $36,665,000 as of September 30, 2022, from $39,125,000 as of December 31, 2021, a decline of 6.3%[15] - Total cash, cash equivalents, and restricted cash as of September 30, 2022, amounted to $26,386,000, down from $40,086,000 as of December 31, 2021[49] - The total long-lived assets decreased from $1,607,000 as of December 31, 2021, to $902,000 as of September 30, 2022, primarily due to the removal of fully-depreciated assets in North America[73] Operating Expenses - Operating expenses for the three months ended September 30, 2022, were $2,289,000, an increase of 4.3% compared to $2,194,000 for the same period in 2021[17] - Operating expenses for the nine-month period ended September 30, 2022, were flat compared to the same period in 2021[89] - Selling, general and administrative expenses increased by 14% to $2.030 million for the three months ended September 30, 2022, compared to $1.786 million in the same period in 2021[119] - Research and development expenses decreased by 37% to $259,000 for the three months ended September 30, 2022, compared to $408,000 in the same period in 2021[120] Revenue Breakdown - Revenue from North America for the three months ended September 30, 2022, was $7,698, down from $9,258 in the same period of 2021[42] - Partner Solutions revenue was lower than anticipated due to supply chain issues and decreased sales in Asia[86] - Partner Solutions revenue decreased by $2.1 million or 22% for the three months ended September 30, 2022, compared to the same period in 2021, primarily due to lower sales in Asia[109] - Edge to Cloud revenue decreased by $0.2 million or 16% for the three months ended September 30, 2022, compared to the same period in 2021, mainly due to non-recurring professional services revenue recognized in the prior year[110] Stock and Compensation - The total number of shares outstanding as of September 30, 2022, was 20,493,827, an increase from 20,357,099 shares as of September 30, 2021[27] - Total stock-based compensation expense for the three months ended September 30, 2022, was $184,000, compared to $218,000 for the same period in 2021, representing a decrease of approximately 15.6%[61] - The estimated fair value of stock options granted during the three months ended September 30, 2022, was $1.40, down from $2.75 for the same period in 2021[63] - The total number of stock options outstanding as of September 30, 2022, was 1,559,197, with a weighted average exercise price of $2.05[62] Future Outlook and Guidance - The company anticipates that market trends, including deep discounts from competitors, may continue to affect Partner Solutions revenue in future quarters[87] - Estimated revenue expected to be recognized in the future from unsatisfied performance obligations as of September 30, 2022, includes $326,000 for the remainder of 2022, $1,612,000 for 2023, and $1,330,000 for 2024[47] Miscellaneous - The company had no asset impairment charges related to contract assets for the three and nine months ended September 30, 2022 and 2021[43] - No customers accounted for 10% or more of total revenue for the three and nine months ended September 30, 2022, and 2021[74] - The documents include various amendments to the Articles of Incorporation, but no details on future outlook or guidance were mentioned[139] - There is no information regarding new products, technologies, market expansion, or mergers and acquisitions in the provided content[140]
BSQUARE(BSQR) - 2022 Q3 - Quarterly Report