THNS is going up! TAKE A LOOK revenue up 464%
Press Release: Thinspace Technology Announces Third Quarter Net Revenue Up 464%
Thinspace Technology Announces Third Quarter Net Revenue Up 464%
Revenue Now Totals $5.701 Million- Increase of Over 479% - Operating Loss Improves to 29%
PR Newswire
PORT ORANGE, Fla., Nov. 17, 2014
PORT ORANGE, Fla., Nov. 17, 2014 /PRNewswire/ -- Thinspace Technology Inc. (THNS
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) , a global provider of reliable, scalable and affordable application delivery, virtualization, and cloud client technology to public and private sector companies and organizations of all sizes, today is pleased to announce its third quarter 2014 financial and operational results.
Third quarter 2014 revenue increased to $2.322 million as compared to $0.411 million in the comparable 2013 period, a year-over-year improvement of 464%. The growth this period over last year is consistent with the Company's previous 2014 quarterly performance improvements, which now total $5.701 million in revenue year to date versus $.984K through this period in 2013, representing an increase of over 479%.
Thinspace (THNS
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) continues to realize improvements in operating efficiencies while growing top line revenue, resulting in a significant reduction in operating expenses as a percent of revenue quarter over quarter from 80% in Q2 2014 down to 65% in Q3 2014. The reduction in operating expenses in the third quarter 2014 was the biggest contributor to the Company's improvement in operating loss on both a quarter-over-quarter and year-over-year basis. Operating loss improved greatly in the third quarter of 2014 to 29% of revenue, from a loss of 47% of revenue in Q2 2014 and a loss of 110% of revenue in Q3 2013.
Chris Bautista, Chief Executive Officer of Thinspace Technology Inc. (THNS
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), commented, "We are excited to report that the significant jump in revenue we achieved in second quarter of this year continued through the third quarter. Our revenue year-to-date totals $5.7 million versus just under $1 million through this same period last year, an increase of over 479%. We also significantly improved our operating margins, and will continue to seek gains in operating efficiencies, positioning us for better performance going forward. Execution of our accelerated business plan which started in the second quarter of this year is progressing well as this quarter's increased revenue and improved operational efficiencies clearly demonstrate."
