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Interlink Electronics Reports Third Quarter 2022 Results
IRVINE, Calif., Nov. 10, 2022 /PRNewswire/ -- Interlink Electronics, Inc. (NASDAQ: LINK), an industry-leading trusted advisor and technology partner in the
About this update from Interlink Electronics, Inc.
[{"type":"text","content":"IRVINE, Calif., Nov. 10, 2022 /PRNewswire/ -- Interlink Electronics, Inc. (NASDAQ: LINK), an industry-leading trusted advisor and technology partner in the advancing world of human-machine interface (HMI) and force-sensing technologies, today announced its financial results for the three and nine months ended September 30, 2022. The following table sets forth the consolidated financial highlights.\n\n \n \n \n \n \n \n\n \nConsolidated Financial Highlights \n(Amounts in thousands, except per share data and percentages)\nConsolidated Financial Results\nThree months ended September 30, \nNine months ended September 30, \n2022\n2021\n$ ∆\n% ∆\n2022\n2021\n$ ∆\n% ∆\nRevenue\n$\n1,851\n$\n2,223\n$\n(372)\n(16.7)\n%\n$\n5,882\n$\n5,855\n$\n60\n1.0\n%\nGross profit\n$\n872\n$\n1,292\n$\n(420)\n(32.5)\n%\n$\n3,065\n$\n3,293\n$\n(228)\n(6.9)\n%\nGross margin\n47.1\n%\n58.1\n%\n52.1\n%\n56.2\n%\nIncome (loss) from operations\n$\n(190)\n$\n259\n$\n(449)\n$\n(323)\n$\n332\n$\n(695)\nNet income\n$\n6\n$\n223\n$\n(217)\n$\n260\n$\n243\n$\n17\nNet income (loss) applicable to common stockholders\n$\n(94)\n$\n223\n$\n(317)\n$\n(40)\n$\n243\n$\n(283)\nEarnings (loss) per common share – diluted\n$\n(0.01)\n$\n0.03\n$\n(0.04)\n$\n(0.01)\n$\n0.04\n$\n(0.05)\n \nRevenue in the third quarter of 2022 decreased 17% from the same quarter last year, with lower shipments of our custom products to customers in the industrial and consumer markets and lower shipments of our standard products, offset by higher shipments to customers in the medical market. This decline was partly due to an industrial market customer's request to delay shipment on approximately $0.1 million of product to a future quarter. Revenue for the 2022 year-to-date period increased 1% from last year, driven by higher demand of our custom products in the industrial and medical markets, offset by lower orders from our consumer market customers, in particular the loss of a consumer market customer program that had contributed revenue of approximately $1.3 million in the nine months ended September 30, 2021. The increase in shipments to our medical market customers reflects the easing of pandemic restrictions that previously delayed installations of our products in hospitals and medical offices. Fluctuations in shipments of our products to our industrial and consumer market customers are due ...