Novatel Wireless Inc., the Sorrento Mesa electronics maker, reported a net loss of $7.8 million on net revenues of $53.5 million during the first quarter of 2015. That compares with a net loss of nearly $9 million on net revenues of $48.3 million in the same quarter of 2014.
Under what accountants call GAAP, or generally accepted accounting principles, Novatel (Nasdaq: MIFI) had a net loss of 17 cents per share. After excluding certain items, the company reported it had a non-GAAP loss of a penny per share.
Novatel released its financial results on May 5, and predicted second quarter revenue of $62 million to $70 million. On a non-GAAP basis, the company projected to break even (within a range of losing 1 cent per share and gaining 2 cents per share).
Novatel makes the MiFi wireless hot spot and electronics for the Internet of Things. A reconstituted board and new management are working to make the company profitable.