Sierra Wireless reported Q4 2019 revenue of $174.3 million, down 13.5% year-over-year, a GAAP loss of $0.30 per share, and a Non-GAAP loss of $0.08 per share.
Recurring and other services revenue was 15.2% of quarterly revenue compared to 11.6% in 2018. Revenue from IoT Solutions was $90.9 million in the fourth quarter of 2019, a decrease of 5.0%, compared to $95.7 million in the fourth quarter of 2018 due primarily to lower Integrated IoT solutions module revenue, partially offset by stronger recurring and other services revenue.
“We announced just over a year ago our strategy to transform from a hardware-focused IoT company to delivering full IoT solutions with recurring revenue attached to our market leading IoT devices. In 2019, we made tremendous progress and delivered on our plan with $99.1 million in recurring and other services revenue,” said Kent Thexton, President and CEO. “And more importantly, we achieved record design win success with over $90 million of future recurring revenue from hundreds of new accounts. We launched market leading IoT solutions like our Octave product, increased our IoT connections by more than 400,000 and ended 2019 with 3.6 million global connections. We are seeing strong customer demand for our bundled solutions and increasing design wins in the growing IoT market.”
