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NEW YORK (TheStreet) -- iPass  (IPAS) - Get iPass Inc. Report plummeted to a one-year low of $1.05 on Thursday after the company reported first-quarter earnings that came up short of analysts' expectations.

Revenue totaled $25.3 million, down from $29.6 million in the same period one year earlier. Net loss was $5.5 million, or 9 cents a share, compared to a loss of $3.4 million, or 5 cents a share, in the same quarter one year ago.

Analysts polled by Thomson Reuters expected a loss of 8 cents a share on revenue of $26.2 million.

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Adjusted EBITDA loss was $4 million, compared to a loss of $1.4 million in the same quarter one year earlier.

The stock was down 31.17% to $1.12 at 2:55 p.m.

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Separately, TheStreet Ratings team rates IPASS INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate IPASS INC (IPAS) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • IPASS INC has experienced a steep decline in earnings per share in the most recent quarter in comparison to its performance from the same quarter a year ago. Earnings per share have declined over the last two years. We anticipate that this should continue in the coming year. During the past fiscal year, IPASS INC reported poor results of -$0.19 versus -$0.06 in the prior year. For the next year, the market is expecting a contraction of 26.3% in earnings (-$0.24 versus -$0.19).
  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Internet Software & Services industry. The net income has significantly decreased by 210.5% when compared to the same quarter one year ago, falling from -$1.45 million to -$4.51 million.
  • Return on equity has greatly decreased when compared to its ROE from the same quarter one year prior. This is a signal of major weakness within the corporation. Compared to other companies in the Internet Software & Services industry and the overall market, IPASS INC's return on equity significantly trails that of both the industry average and the S&P 500.
  • Net operating cash flow has significantly decreased to -$0.61 million or 513.13% when compared to the same quarter last year. In addition, when comparing to the industry average, the firm's growth rate is much lower.
  • The share price of IPASS INC has not done very well: it is down 10.62% and has underperformed the S&P 500, in part reflecting the company's sharply declining earnings per share when compared to the year-earlier quarter. The fact that the stock is now selling for less than others in its industry in relation to its current earnings is not reason enough to justify a buy rating at this time.
  • You can view the full analysis from the report here: IPAS Ratings Report

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.