Revenue Performance - Total revenue for the three months ended September 30, 2023, was $9,292,000, an increase of 10.5% compared to $8,406,000 for the same period in 2022[40] - Partner Solutions revenue was $8,634,000 for the three months ended September 30, 2023, up from $7,557,000 in the same period last year, representing a growth of 14.3%[40] - Total revenue for the nine months ended September 30, 2023, decreased by $4.6 million, primarily due to a $4.4 million decrease in the Partner Solutions segment[211] - Partner Solutions revenue for the nine months ended September 30, 2023, decreased by $4.4 million or 17% compared to the same period in 2022[214] - Edge to Cloud revenue for the three months ended September 30, 2023, was $658 million, down 22.5% from $849 million in the same period of 2022[110] - Edge to Cloud revenue for the nine months ended September 30, 2023, decreased by $0.2 million or 7% compared to the same period in 2022[215] Profit and Loss - Net loss for the three months ended September 30, 2023, was $1,133,000, compared to a net loss of $1,125,000 for the same period in 2022, indicating a slight increase in losses[40] - Total comprehensive loss for the three months ended September 30, 2023, was $1,141,000, compared to $1,139,000 for the same period in 2022, indicating a marginal increase[40] - The company reported a basic and diluted loss per share of $0.06 for the three months ended September 30, 2023, compared to a loss of $0.05 for the same period in 2022[40] - Loss from operations for the three months ended September 30, 2023, was $(1,552,000), a 34% increase compared to $(1,154,000) in the same period of 2022[210] Operating Expenses - Operating expenses for the three months ended September 30, 2023, totaled $2,547,000, an increase of 11.3% from $2,289,000 in the same period in 2022[40] - Research and development expenses for the three months ended September 30, 2023, were $297,000, compared to $259,000 in the same period last year, showing an increase of 14.7%[40] - Operating expenses for the nine months ended September 30, 2023 decreased by approximately $670,000 compared to the same period in 2022, primarily due to reduced labor and marketing expenses[204] - SG&A expenses for the nine months ended September 30, 2023 decreased by approximately $750,000 compared to the same period in 2022[194] Cash and Assets - Cash used in operating activities for the nine months ended September 30, 2023, was $3,731,000, compared to $2,497,000 for the same period in 2022, representing an increase of 49.5%[43] - Cash, restricted cash, and cash equivalents at the end of the period were $9,038,000, down from $26,386,000 at the end of September 2022, indicating a decrease of 65.7%[43] - Cash and cash equivalents decreased significantly to $8.816 million as of September 30, 2023, down from $35.414 million at the end of 2022, indicating a reduction of approximately 75.1%[58] - As of September 30, 2023, total assets decreased to $39.54 million from $42.17 million as of December 31, 2022, representing a decline of approximately 6.3%[58] - The company had total cash and short-term investments of $31.8 million as of September 30, 2023, sufficient to meet cash requirements for the next 12 months[221] Shareholder Information - The company has 19,870,527 shares of common stock outstanding as of October 31, 2023, down from 20,337,906 shares as of December 31, 2022[52] - Shareholders' equity decreased to $33.518 million as of September 30, 2023, from $35.399 million at the end of 2022, reflecting a decline of about 5.3%[58] - During the nine months ended September 30, 2023, the company repurchased 552,147 shares for $0.7 million, totaling 731,004 shares repurchased for $0.9 million since the program's inception[159] Strategic Focus - The company is focusing on cloud-connected devices, aligning with the growth of IoT technologies, which is expected to create significant business opportunities[60] - The company continues to focus on expense discipline, which remains a top priority for the foreseeable future[151] Other Financial Metrics - The company recognized stock-based compensation of $233,000 for the quarter ended September 30, 2023[48] - The company recorded an impairment charge of approximately $363,000 during the third quarter of 2023 related to the carrying value of its right-of-use asset[124] - Other income for the three months ended September 30, 2023, was $419,000, a significant increase from $29,000 in the same period of 2022[210]
BSQUARE(BSQR) - 2023 Q3 - Quarterly Report