By Kathryn Hardison
CalAmp Corp. said Thursday that its loss widened during the first quarter as revenues were impacted by supply chain constraints.
The connected intelligence company posted a loss of $12.1 million, or 34 cents a share, during the period that ended May 31, compared with a loss of $6 million, or 17 cents a share, a year earlier. Adjusted loss per share was 10 cents, versus a profit of 8 cents a year ago. Analysts polled by FactSet expected a loss per share of 25 cents and an adjusted loss per share of 3 cents.
Revenue was $64.7 million, down from $79.7 million a year ago.
CalAmp said software and subscription services revenue increased 13% to $40 million from a year ago, representing 61% of total revenue.
Chief Executive Jeff Gardner said “revenue continues to be impacted by the supply chain constraints, including the China-related lockdowns” during the period. However, he said the company remains focused on converting all eligible device customers to recurring contracts by the end of the fiscal year.
The company didn’t provide detailed quarterly guidance, but it said it expects sequential quarterly revenue growth for the second quarter to be in the mid-to-high single-digit percentage points.
Write to Kathryn Hardison at [email protected]
