“In summary, I am pleased with the level of activity, both internally and externally, as we continue to make notable progress toward becoming a viable fabless semiconductor company. We have grown our sales pipeline for both the Bandwidth Engine and LineSpeed products and have multiple prospective customers advancing in the decision process. With the recent infusion of capital from our public offering, we are well positioned to expedite new product development and further our sales activities in order to drive additional design wins and future revenue.”
Second Quarter Results
Total net revenue for the second quarter of 2013 was $1.1 million, compared with $1.3 million reported in the first quarter of 2013 and $1.7 million in the second quarter of 2012.
Second quarter 2013 total revenue included licensing and other revenue of $0.1 million, consistent with the previous quarter and compared with $0.6 million in the second quarter of 2012. Revenue attributable to shipments of integrated circuits is included in licensing and other revenue. Second quarter 2013 royalty revenue was $1.0 million, compared with $1.1 million in both the previous quarter and the second quarter of 2012.Gross margin for the second quarter of 2013 was 93 percent, compared with 99 percent in the first quarter of 2013 and 90 percent for the second quarter of 2012. Total operating expenses on a GAAP basis for the second quarter of 2013 were $7.4 million, compared with $6.3 million in the previous quarter and $8.1 million for the second quarter of 2012. Second quarter 2013 operating expenses included $0.3 million of amortization of intangible assets and $1.0 million in stock-based compensation expense. GAAP net loss for the second quarter of 2013 was $6.4 million, or ($0.15) per share, compared with a net loss of $5.0 million, or ($0.12) per share, in the previous quarter and a net loss of $6.6 million, or ($0.17) per share, for the second quarter of 2012. The non-GAAP net loss for the second quarter of 2013 was $5.2 million, or ($0.12) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the second quarter of 2013 were computed using approximately 43.9 million weighted shares on a GAAP and non-GAAP basis. A reconciliation of GAAP results to non-GAAP results is provided in the financial statement tables following the text of this press release.
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