Revenue grew 8.3% to $20.8M from higher power and capacity sales amid mining weakness, but operating losses widened 90.5% to -$4.6M due to cost pressures, while net losses improved 17.6% from prior-year levels via debt restructuring benefits.
Key takeaways
Revenue increased 8.3% to $20.8M from $19.2M as higher power and capacity sales volume due to increased demand and higher average prices offset mining declines.
Operating income deteriorated 90.5% to -$4.6M from -$2.4M, reflecting an operating margin of -21.8% amid elevated costs.
Net income loss narrowed 17.6% to -$4.6M from -$5.6M, driven by management actions including debt extinguishment.
Diluted EPS improved 27.5% to -$0.29 from -$0.40, benefiting from lower interest expense post-restructuring.
Net cash used in operating activities doubled to -$11.4M from -$5.7M.