UniPixel Reports 1Q 2017 Financial Results

UniPixel, Inc. reported financial results for the first quarter ended March 31, 2017.
 
Revenue for the first quarter totaled $1.3 million compared to $0.9 million for the first quarter of 2016. During Q1 2017, the company was awarded its 26th design win from a major Japan-based PC manufacturer. The company closed financing transactions totaling $13 million in Q1 2017.
 
The company shipped more than three-quarters of a million sensors to major national wireless carrier since Q3 2016 for consumer tablet program.
 
“Several important developments with significant implications for the future of UniPixel took place during the first quarter,” Jeff Hawthorne, president and CEO of UniPixel, said. “We are pleased to have many of our 2016 program wins in early stages of volume production and the factory focused on ramping output for these programs.
 
“Launching multiple programs is not without challenges,” Hawthorne continued. “For example, we did experience a major issue during the quarter with materials provided to us by one of our leading suppliers that caused significant yield issues. The vendor worked closely with us to identify the issues and provide the appropriate solutions. While it did impact our operations for the quarter, we believe the issue is contained.
 
“The other ramp challenge is that in addition to a certain level of customization for each design, many of these 2016 design win devices have new technology such as active stylus, narrow mesh widths and Diamond Guard coating, that were not in the previous generation of devices. We are making steady progress to accommodate those new technologies into our manufacturing process and increase yields. We are making significant progress addressing the challenges of ramping the factory and our supply chain to move the current programs forward with the expectation of expanded revenues as we progress through 2017.”
 
Net loss attributable to common shareholders was $7.7 million, or $(0.15) per basic and diluted share for the three months ended March 31, 2017, as compared to a net loss attributable to common shareholders of $8.4 million, or $(0.24) per basic and diluted share for the three months ended March 31, 2016. Adjusted EBITDA, a non-GAAP metric, for the first quarter of fiscal 2017 was $(6.3) million compared to adjusted EBITDA of $(4.4) million in the first quarter of fiscal 2016.