0001826000-26-000043
SEC filingQ1 revenue was nearly flat at $15.7M, but gross margin expanded to 52.3% and operating loss narrowed 50% to -$5.5M, driven by cost discipline.
Net loss improved 47.2% to -$5.9 million from -$11.2 million, and diluted earnings per share improved to -$0.04 from -$0.07. The improvement in net loss was driven by the reduction in operating loss and lower interest expense, partially offset by lower interest income.
Net cash used in operating activities improved to -$5.1 million from -$10.1 million, reflecting lower net loss and working capital improvements. The decrease was primarily attributable to the use of investment proceeds to fund operating losses. Management continues to focus on cost discipline, inventory management and liquidity preservation as it seeks to reduce operating cash usage. Due to the risks and uncertainties described above, we continue to monitor our liquidity position.