Management Commentary: >> Huge!!!!!
“First quarter 2017 product revenue was primarily comprised of ongoing shipments of our Bandwidth Engine® 2 ICs, with the majority of those shipments to our lead IP security appliance customer. We have a reliable volume forecast from this customer for the remainder of this year, and are working to confirm order commitments from our other top customers,” commented Len Perham, MoSys’ President and CEO. “During the first quarter, we won our first Bandwidth Engine 3 design-in with a leading networking equipment supplier in China, and received our first pre-production order from this customer. We also secured additional Bandwidth Engine 2 design-ins with multiple customers for next-generation video applications.
“After the close of the quarter, as previously announced, we revised our operating plan and began implementing our cost reduction initiatives. We expect to realize significant operating cost savings from these actions, and believe these expense reductions will position us to maintain ongoing operations and preserve cash until such time that our past design wins ramp more materially.”
Mr. Perham further commented, “Although we are now running a leaner organization, we remain confident that we have the necessary resources and personnel to fully support the current needs and firm orders of our customers. In addition, we remain focused on carefully managing operating costs and expanding our portfolio of design wins, while continuing to explore strategic alternatives and asset monetization strategies to ensure our viability and provide value to our stockholders.”
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