CalAmp Inc. (NASDAQ: CAMP) stock gained by 5.32% at last close whereas the CAMP stock price declines by 15.07% in the pre-market trading session. CalAmp is a linked intelligence start-up that makes it easier for people and organizations to work together more effectively. They work with companies in the transport and logistics, industrial equipment, government, and automotive industries to provide data that helps them make better decisions.
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CAMP stock’ Financial Highlights
CalAmp announced its financial results for the Q3 of the fiscal year 2022. Given below are the highlights:
- The company reported its net revenue as $69M, it is a decline of 12% from the previous quarter.
- For the Q3 fiscal year 2022, the sales to their largest customer totaled $14M, up 3% from the previous quarter.
- In the 3rd quarter of the fiscal year 2022, the gross margin was 41 percent whereas it was 40 percent in the previous quarter.
- GAAP net loss from continuing operations was $11 mln in the third quarter of fiscal 2022 or a loss of $0.30 per share.
- Non-GAAP net loss was $3 million, or $0.08 per diluted share, on an adjusted basis.
- Adjusted EBITDA was $3 million, or 4% of revenue, relative to $9 mln, or 11% of revenue, in the previous quarter.
- Including the Automotive Vehicle Finance division, total core S&SS members were 1 million, up 3% from the previous quarter.
- Cash and cash equivalents were $91 million at the end of the quarter.
CalAmp’s president and CEO, Jeff Gardner, said that,
The continued worldwide component shortfalls have been more apparent than predicted, resulting in a considerable decline in their shipments throughout the quarter, as stated in the business update released last month. They’re working directly with their suppliers to find the parts they need, certify new components, and, in certain cases, redesign particular devices. Despite this difficult scenario, they are encouraged by robust customer demand, as indicated by the consistently high level of customer backlog over the last few quarters as they continue their transformation to a SaaS company.
The Company will continue to refrain from issuing quarterly guidance. Due to worldwide component supply difficulties and the date of Chinese New Year in February, insight into product shipments is unpredictable.