NEW YORK (TheStreet) -- Shares of Bsquare (BSQR) - Get BSQUARE Corporation Report were gaining 38.4% to $5.66 on heavy trading volume Friday after the company reported its first quarter results.

Bsquare reported earnings of 15 cents a share for the first quarter, up from 12 cents a share in the fourth quarter and a loss of 3 cents a share in the first quarter of 2014. The company reported revenue of $26.26 million for the quarter, up from $22.73 million in the year-ago quarter.

Analysts were not available for the company, a provider of software solutions and related engineering services.

"First quarter improvements in financial performance were the result of continued focus and execution on our core business," President and CEO Jerry Chase said. "Regarding new product initiatives, our team won an order for MobileV in the quarter and we expect additional wins during the remainder of the year."

About 2 million shares of Bsquare were traded by 10:12 a.m. Friday, above the company's average trading volume of about 33,000 shares a day.

TheStreet Recommends

TheStreet Ratings team rates BSQUARE CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate BSQUARE CORP (BSQR) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."

You can view the full analysis from the report here: BSQR Ratings Report

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