CSPi Reports Q2 Financial Results

CSPi (NASDAQ:CSPI) announced its second quarter financial results ending March 31, 2019. The company, which provides advanced application security and consultation services reported revenue of US$16.4 million, a slight dip from US$16.6 million in second quarter 2018. Net loss, at US$619,000 in addition to cash and short term investments of US$18.2 million also stood at lower levels compared to last year’s second quarter figures. Based in Massachusetts, CSPi has been in operation since 1968.

As quoted in the press release:

“During the second quarter we advanced our transformation to become a cybersecurity and wireless managed services company,” said Chief Executive Officer Victor Dellovo. “Financially, strong demand for managed IT services was offset by softer multi-computers sales and resulted in essentially flat year-over-year revenue. On the bottom line, the lower volume and higher development costs for our next-generation cybersecurity ARIA SDS solution offset the benefits of cost control measures.”

“In our High-Performance Products segment, we saw continued demand for our legacy Myricom network adaptors and advanced the customer evaluation stage for our ARIA SDS cybersecurity solution,” said Dellovo. “We saw strong demand from customers using our Myricom Sniffer packet capture application, which helps improve threat detection and incident response. We formally announced the ARIA SDS Packet Intelligence application at the RSA 2019 conference in San Francisco and received positive feedback from customers. We plan to advance our testing and evaluations in Q3 and are on track to record our first ARIA revenues in the second half of fiscal 2019.”

Click here to read the full press release.