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Glowpoint Inc (NYSEA:GLOW), a managed service provider of video collaboration and network applications announced financial results for the first quarter ended March 31, 2018. The company said that it has cash of $3.1 million with a working capital of $3.8 million. Their revenue was $3.5 million with a net loss $1.3 million and adjusted EBITDA …
Glowpoint Inc (NYSEA:GLOW), a managed service provider of video collaboration and network applications announced financial results for the first quarter ended March 31, 2018.
The company said that it has cash of $3.1 million with a working capital of $3.8 million. Their revenue was $3.5 million with a net loss $1.3 million and adjusted EBITDA of $0.1 million.
As quoted in the press release:
Closed a registered direct offering of 0% Series C Convertible Preferred Stock in January 2018 for net proceeds to the Company of $1.5 million.
Retired $1.8 million of outstanding debt obligations in the first quarter, resulting in no outstanding debt as of March 31, 2018.
Stockholders’ equity of $12.5 million as of March 31, 2018.
“We are pleased to have further strengthened our balance sheet during the first quarter of 2018 through the completion of our Series C equity round in January which, along with improving the Company’s liquidity position, also resulted in the retirement of all outstanding debt. Our simplified capital structure provides the Company a foundation on which to pursue both organic and inorganic growth initiatives including the release of our next generation UCaaS1support platform this summer,” said Glowpoint President and CEO Peter Holst. “According to Gartner Research2, global spending on Unified Communications (UC) will reach $45.7 billion in 2022, and technology strategic planners positioning UC solutions must plan for expected shortages of skilled support resources as the UC market evolves. Time-to-market has always been a challenge for IT teams seeking to deploy and adopt communication services to their fullest potential and, as market demand for UC grows rapidly, we’ve worked closely with our customers, partners and prospects to design a service platform that shortens innovation and adoption cycles while also addressing their needs to substantially reduce complexity and cost. Leading IT organizations identify the customer experience as a top priority by accelerating the adoption and dissemination of services that engage customer interaction and response. With recent advancements in machine learning and emerging architectures that simplify applications into functional components, business users can not only expect faster innovation, but also far greater flexibility in adoption, support and customization to meet their specific objectives.”