TeleNav Revenue up 9%, Loss up 51% in Q1 2016



TeleNav announced last week their financial results for the first quarter of 2016 (their third quarter of fiscal 2016) posting a total revenue of $46.3 million, compared with $42.3 million in the third quarter of fiscal 2015.

Telenav’s automotive revenue was $34.7 million, or 75 percent of total revenue, for the third quarter of fiscal 2016, compared with $29.5 million, or 70 percent of total revenue, for the third quarter of fiscal 2015.

Advertising revenue was $5.2 million, or 11 percent of total revenue, for the third quarter of fiscal 2016, compared with $4.0 million, or 10 percent of total revenue, for the third quarter of fiscal 2015.

Billings for the third quarter of fiscal 2016 was $53.1 million, compared with $42.5 million in the third quarter of fiscal 2015.

Deferred revenue at March 31, 2016 was $20.7 million, compared with $13.9 million at December 31, 2015 and $5.4 million at March 31, 2015.

GAAP net loss for the third quarter of fiscal 2016 was $9.8 million, or $0.23 loss per diluted share, compared with a GAAP net loss of ($4.8) million, or ($0.12) per diluted share, for the third quarter of fiscal 2015.

TeleNav ended the quarter with $108.6 million in cash, cash equivalents and short-term investments, and no debt.

"Telenav delivered solid results for the third quarter of fiscal 2016, achieving sequential and year-over-year growth in both revenue and billings," said HP Jin, chairman and CEO of Telenav. "During the quarter, we benefited from the strength in orders from Ford SYNC 2 in Europe. More recently, SYNC 3 with Ford has been officially launched in China following our release of SYNC 3 in North America in 2015. We are very pleased with the positive reviews of the SYNC 3 platform as we progress through the transition from SYNC 2. We believe the strengthening market leadership of our automotive business combined with the increasing momentum in the location-based advertising business are key to our future success in becoming a global leader in the fast growing connected car industry."

"Following a successful launch in North America, we look forward to consumer adoption of SYNC 3 in international markets," said Michael Strambi, CFO of Telenav. "As we have noted in the past, revenue recognition for SYNC 3 differs from the SYNC 2 platform. As a result, we expect the transition to result in a sequential decline in revenue for the June quarter, which is reflected in our outlook."

Tuesday, May 10th 2016


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