DragonWave Posts 61% Revenue Rise

DragonWave reported revenue of $28.8 million for the first quarter of its fiscal year 2015, compared with $17.9 million in the fourth quarter of fiscal year 2014 and $24.5 million in the first quarter of the fiscal year 2014.

Revenue from the Nokia channel (formerly called Nokia Solutions and Networks) represented 61% of revenue in the first quarter of this fiscal year, versus 68% in the fourth quarter of fiscal year 2014 and 57% in first quarter of fiscal year 2014. There was a net loss of $6.6 million or ($0.11) per basic and diluted share. This compares to a net loss applicable to shareholders of $11.6 million or ($0.20) per basic and diluted share in the fourth quarter of fiscal year 2014 and a net loss applicable to shareholders of $6.6 million or ($0.17) per basic and diluted share in the first quarter of fiscal year 2014.

Gross margin for the first quarter of fiscal year 2015 was 20.5%, compared with 14.5% in the fourth quarter of fiscal year 2014 and 11.5% in the first quarter of fiscal year 2014.

“We are pleased that the increased demand that we observed in Q1 2015 is continuing into our second quarter.  Momentum is such that we anticipate revenue growth between 25% and 40% relative to Q1,” said DragonWave President and CEO Peter Allen.

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