Sierra Wireless reported Q1 2010 revenue of $151.3 million, an increase of 36% compared to $111.4 million in the first quarter of 2009 and an increase of 5% compared to $144.0 million in the fourth quarter of 2009. On a GAAP basis, net loss was $7.5 million, or loss per share of $0.24, compared to a net loss of $23.7 million, or loss per share of $0.76, in the first quarter of 2009.
Growth was driven by an increase in Machine-to-Machine (M2M) revenue to $88.7 million, up 187% compared to $30.9 million in first quarter of 2009 and up 15% compared to $77.2 million in the fourth quarter of 2009. Revenue from M2M in the first quarter was nearly triple what it was a year ago and now represents 59% of total sales.
M2M growth was partially offset by a decline in Mobile Computing revenue to $62.6 million, down 22% compared to $80.5 million in the first quarter of 2009 and down 6% compared to $66.8 million in the fourth quarter of 2009.
“We are pleased with our first quarter results, including higher than expected revenue and improving profitability,” said Jason Cohenour, President and Chief Executive Officer. “We also made significant progress during the quarter building on our leadership position in M2M, while also revitalizing momentum in our Mobile Computing business.
