iBasis reported 1.79 billion minutes of use on its international VoIP network in Q2 , a 61% increase over the 1.11 billion minutes carried in the second quarter 2004, and a 2% increase over the 1.76 billion minutes in the first quarter 2005. Average revenue per minute increased to 5.3 cents per minute in the second quarter 2005, up from 5.0 cents per minutes in the first quarter 2005. Average revenue per minute is based on our reported net revenue divided by the minutes of traffic for the applicable period.
Overseas-originated calls accounted for 48% of revenue in the second quarter of 2005, compared to 47% in the first quarter 2005. iBasis ended the second quarter with 348 wholesale trading customers, up from 309 at the end of Q1 2005. New customers announced during the quarter included African carriers Globacom and Econet, Pakistani carrier Callmate Telips, and Australian carrier Telecorp.
Financially, iBasis reported Q2 revenue of $94.6 million, compared to $61.2 million for the second quarter of 2004. Net loss for the second quarter of 2005 was $0.8 million, or $(0.01) per share, compared to net loss for the second quarter of 2004 of $5.9 million, or $(0.13) per share. The company was cash flow positive for the quarter.
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