Novatel Wireless, Inc. reported revenue up 6% and progress toward profitability, driven by machine-to-machine and mobile computing demand.
The company’s revenues for the second quarter were $91.1 million, up from $85.9 million a year ago. Net loss was $7.9 million, less than the $9.1 million lost in the previous year’s second quarter.
“In the second quarter we made solid progress across both M2M and mobile computing, which again drove sequential revenue growth,” said Peter Leparulo, Novatel Wireless’ CEO.
He added that the company’s M2M business saw 19% sequential growth in integrated solutions for vertical markets including fleet management, asset tracking, and after-market telematics and telemetry. He noted that Novatel has now launched LTE MiFi products with the three largest U.S. carriers, with the release of its tri-band MiFi device with Sprint in July.
Novatel’s MiFi product line revenue grew 6% sequentially, although Leparula said that supply constraints “moderately limited” the company’s shipments during the quarter.
Novatel Wireless expects third quarter revenue between $90 million-$100 million.
