10:13 AM EST, 11/11/2024 (MT Newswires) -- Spectra7 Microsystems ( SPVNF ) was at last look edging down Monday as it announced the appointment of Omar Javaid as Chief Executive Officer with immediate effect, while reporting widening losses on lowered revenues.

On the CEO, most recently Javaid was Chief Product Officer at Avaya. Prior to this, he was a Senior Vice-President and GM of Software at Qualcomm, where he led the worldwide software portfolio. He has also held senior positions at Vonage, Hewlett-Packard, Google and Motorola. He was also the CEO and co-founder of Mobilocity, which was sold to Qualcomm

On its financials, the company reported a nine-month loss per share basic and diluted of US$0.15, compared to a $0.10 loss per share in the prior year, while the EBITDA loss for the nine months increased to $5.2 million from $1.0 million. Revenue for the third quarter was $152,000, a decrease of 95% from US$3.2 million in the third quarter of 2023. Nine-month revenue reached $1.8 million, an 81% drop from $9.6 million in 2023. Gross margin fell to 47%, down from 59% last year.

Still, Spectra7 said data center customer engagements are expanding, with hyperscalers and original equipment manufacturers exploring its 112Gbps technology. The company expects its 224Gbps product, designed for data center and AI applications, to be fabricated next month, with initial units anticipated by April 2025.

Price: 0.11, Change: -0.01, Percent Change: -8.70