Sierra Wireless reported Q2 revenue of $132.8 million, an increase of 18.9% compared to $111.7 million in the second quarter of 2020. Gross margin was 34.8% in the second quarter of 2021 compared to 36.7% in the second quarter of 2020. The decrease was primarily impacted by increased component costs. Adjusted net loss from continuing operations was $1.1 million, or loss of $0.03 per share, in the second quarter of 2021 compared to $13.0 million, or loss of $0.36 per share, in the second quarter of 2020.
Quarterly revenue for our two business segments was as follows:
- Revenue from IoT Solutions increased by 16.3% to $90.3 million compared to $77.6 million in the second quarter of 2020. The increase in revenue was primarily due to the growth in LPWA and mobile broadband modules as well as IoT connectivity.
- Revenue from Enterprise Solutions increased by 24.6% to $42.5 million compared to $34.1 million in the second quarter of 2020. The increase was primarily due to improved sales of our enterprise gateway products.
“Revenue in the Second Quarter improved year over year and sequentially, non-GAAP operating expenses remained flat with the prior quarter, and Adjusted EBITDA improved,” said Phil Brace, President and CEO. “I look forward to bringing my operational and strategic experience to Sierra Wireless as we focus on profitable growth.”
Product revenue increased 15.1% year over year to $97.6 million, representing 73.5% of consolidated revenue in the quarter. Connectivity, software, and services revenue increased 30.8% year over year to $35.2 million, representing 26.5% of consolidated revenue. Monthly recurring revenue was $11.4 million in June, a year over year increase of 25.3%.
