Profitability Expected in the Second Half of 2021 Driven by Strong Data Center Revenue Ramp
SAN JOSE, Calif., April 30, 2021 /PRNewswire/ — (TSXV: SEV) Spectra7 Microsystems Inc. (“Spectra7” or the “Company”), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, today announced its financial results for the year ended December 31, 2020. A copy of the audited consolidated financial statements for the year ended December 31, 2020 prepared in accordance with International Financial Reporting Standards and the corresponding management’s discussion and analysis (“MD&A”) will be available under the Company’s profile on www.sedar.com. All amounts are in US dollars unless otherwise noted.
2020 Financial and Operational Summary
Q4 2020 Financial Summary
CEO COMMENTARY
“Looking back on 2020, it was a challenging year for Spectra7 on multiple fronts,” said Spectra7 CEO Raouf Halim. “We responded to the unprecedented COVID-19 pandemic by implementing material spending reductions while remaining focused on our growth strategy. Despite the difficult circumstances in 2020, we accomplished significant design-ins with hyperscalers worldwide, introduced multiple new products in our strategic Data Center market, and secured orders driving growing backlog every quarter. At this time, we have record backlog on our books driven by strong orders for our Data Center Active Copper Cable solutions, and we expect to grow revenues strongly and achieve profitability in the second half of this year.”
Update on Data Center Market Traction
Update on Financing
The Company is finalizing the roadshow for its private placement, brokered by Cormark Securities Inc., that was previously announced on April 12, 2021. The Company is experiencing strong interest in its offering, and anticipates providing an update shortly. The Company intends to use the net proceeds as working capital to enable the Company to satisfy its strong order backlog and increase revenues in the second half of 2021.
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