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Wireless Ronin Reports Record Revenue For Fiscal Year 2010

Stocks in this article: RNIN

Full Year Results

The Company achieved the following milestones in 2010:

  • Record revenue for fiscal 2010 of $8.6 million, an increase of 71 percent from the previous year
  • Record gross margin on a percentage basis, an improvement from 28 percent for fiscal 2009 to 47 percent for fiscal 2010
  • Record recurring and hosting revenue of $1.3 million, up 142 percent in fiscal 2010 from the previous year
  • Reduced quarterly cash burn from $1.8 million in the fourth quarter of 2009 to $1.1 million in the fourth quarter 2010, the lowest level since initial public offering

"2010 was a year of significant accomplishments," said Scott W. Koller, Wireless Ronin's President and Chief Executive Officer. "Over the past year we have successfully demonstrated a business model capable of driving substantial revenue and margin growth. As we move into 2011, we are extremely well positioned to capitalize on these efforts as our customers, such as Chrysler, continue to roll out our technology on a larger scale. We believe the continued decline in hardware costs provides a more rapid ROI for our customers and will accelerate deployments in the future." 

Revenue for the full year 2010 totaled $8.6 million compared to $5.0 million for 2009. The 71 percent increase in the Company's revenue was due primarily to Chrysler, whose sales were up 457 percent from the previous year.  The Company's net loss in 2010 totaled $7.9 million, or $0.44 per basic and diluted share, compared to $10.2 million, or $0.67 per basic and diluted share, in the prior year. The improvement in the Company's net loss from 2009 to 2010 was primarily the result of a 180 percent increase in gross margin dollars.

Non-GAAP operating loss for 2010 totaled $6.3 million, or $0.35 cents per basic and diluted share, versus a non-GAAP operating loss of $8.3 million, or $0.54 per basic and diluted share, for the prior year.  

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