Today Violin Memory released its second quarter 2017 financial earnings and it is still looking bleak for the company. The company has been through a rough time recently that includes hemorrhaging cash, an investment group attempting to take some control to pull it around, laying off workers, and a battle against being delisted that resulted in a reverse split of its stock. Unfortunately with more bad news it looks like the company’s troubles are continuing and its stock may be up for delisting again.
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Violin’s revenue was down to $7.5 million, 23% lower than its 1Q 2017 revenue of $9.7 million, and 51% lower than this same time last year at $15.3 million. Violin’s GAAP gross margin is down to 3% from 40% last quarter and 43% from this time last year. Violin also reported a GAAP net loss of $20.6 million or $0.82 per share. Non-GAAP looked a bit better with a gross margin of 40% and a net-loss of $14.8 million.
Violin’s stock isn’t doing well either. As we reported earlier, Violin had received a notice from the NYSE on January 8, 2016 informing them of that their stock can be delisted if it stays under $1.00 over a consecutive 30 trading-day period (NYSE Listed Company Manual section 802.01C Price Criteria for Capital or Common Stock). In order to comply Violin announced a 4-to-1 reverse stock split in June (basically reducing 4 shares of stock for $1 a piece into 1 share of stock for $4). But their stock is on a downward trend once more.
It is not looking good for the company but it will be interesting to see they moves they make in the future as they try to bring the company back to profitability, if they can.
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