Ikanos Communications reported Q1 revenue of $24.7 million compared with revenue of $21.0 million for the fourth quarter of 2006 and revenue of $35.8 million for the first quarter of 2006. GAAP net loss for the first quarter of 2007 was $9.1 million, or $0.32 per diluted share, on 28.0 million weighted average shares. This compares with a net loss of $15.6 million, or $0.56 per diluted share, on 27.6 million weighted average shares in the fourth quarter of fiscal 2006 and with a net loss of $1.4 million, or $0.06 per diluted share, on 24.5 million weighted average shares in the first quarter of 2006.
“We believe that the first quarter of 2007 was a turning point for Ikanos, marked by improved financial results. Revenues in the first quarter grew 17% sequentially led by demand for our access solutions. Gross margin improvements and declining operating expenses resulted in the reduction of our GAAP net loss by $6.5 million and our non-GAAP net loss by $4.0 million on a sequential basis,” said Daniel K. Atler, CEO of Ikanos Communications.
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