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Enablence Technologies Inc. Announces Third Quarter Fiscal 2023 Financial Results
(unless otherwise noted, all financial amounts in this news release are expressed in thousands of...
About this update from Enablence Technologies Inc.
[{"type":"text","content":"Enablence Technologies Inc. Announces Third Quarter Fiscal 2023 Financial Results(unless otherwise noted, all financial amounts in this news release are expressed in thousands of U.S. dollars)Ottawa, Ontario--(Newsfile Corp. - May 18, 2023) - Enablence Technologies Inc. (TSXV: ENA) (\"Enablence\" or the \"Company\"), a leading supplier of photonics semiconductors, has filed its unaudited financial statements for the three and nine months ended March 31, 2023 (\"Q3 2023\") and related management's discussion and analysis and certifications (collectively, the \"Financial Statements\"). Electronic copies of the Financial Statements are available on SEDAR (www.sedar.com) under Enablence's issuer profile.\"I am pleased with the direction of the company as our top line growth strategy begins to evolve and progress following our success in stabilizing the business,\" commented Todd Haugen, CEO, Enablence. \"This foundation has enabled us to focus our energies on key end markets and high growth verticals where we have significant competitive and technology advantages. Our growth plan has traction as interest in our established datacoms business continues to be robust. Our recent strategic partnership with Silicon Valley based semiconductor specialty foundry Noel Technologies is already helping us to quickly address this strong demand for our planar lightwave product line by expanding our capacity which will help us to accelerate sales growth. Our advanced vision market strategy, which was recently announced, provides access to a $20 billion market, which will enable us to grow our sales substantially.\"For the three-month period ending March 31, 2023, revenue was up 11% at $492 when compared to the corresponding quarter in the prior fiscal year. An increase in non-recurring engineering (\"NRE\") revenue of $109, or 158%, was partly offset by decrease in recurring product revenue of $59, or 16%, compared to the prior year. For the nine-month period ending March 31, 2023, revenue increased by $29, or 2%, to $1,468 as compared to the same period in the prior year. This increase is the result of a $124, or 30%, increase in NRE sales, offset by a decrease in proprietary optical chip sales of $95, or 9%. Gross margin for the three months ending March 31, 2023, decreased to $(318) when compared to $(79) during the same period the prior year an...