Cray announced financial results for the first quarter ended March 31, 2016. Revenue was $105.5 million, which compares with $79.6 million in Q1 2015.
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Net loss for the first quarter of 2016 was $5 million, or $0.13 per diluted share, compared to a net loss of $9.4 million, or $0.24 per diluted share in the first quarter of 2015.
Non-GAAP net loss was $5.3 million, or $0.13 per diluted share for the first quarter of 2016, compared to non-GAAP net loss of $10.9 million, or $0.28 per diluted share for the same period of 2015.
Overall gross profit margin for the first quarter of 2016 was 38%, compared to 30% for the first quarter of 2015.
Total non-GAAP gross profit margin percentage for the first quarter of 2016 was consistent with the GAAP result for the same period.
Operating expenses for the first quarter of 2016 were $49.2 million, compared to $40.9 million for the first quarter of 2015. Non-GAAP operating expenses for the first quarter of 2016 were $46.3 million, compared to $37.8 million for the first quarter of 2015.
As of March 31, 2016, cash, investments and restricted cash totaled $320 million. Working capital increased to $418 million compared to $415 million at the end of 2015.
"We are off to a good start to our year," said Peter Ungaro, president and CEO of Cray.
"We completed several large installations during the first quarter including at the Department of Energy's National Energy Research Scientific Computing Center.
"Our momentum in the global weather forecasting market also continued as we completed acceptances at Australia's Bureau of Meteorology, and the U.K.'s Met Office; and Germany's National Meteorological Service recently chose to substantially upgrade its Cray systems.
"With major refreshes in each of our product lines expected in 2016 and more contracts yet to secure in the coming quarters, we have a lot of work left to do in order to achieve our outlook for the year.
"That being said, I'm pleased with the progress we have made to date as we drive to continue to grow our business." ■