Wireless Ronin Still Losing Money

Revenue in the second quarter of 2012 decreased 12 percent sequentially to $1.6 million from $1.8 million in the prior quarter, and decreased 49 percent from $3.1 million in the same year-ago period. Ronin says the decrease from both periods was primarily due to fewer orders for the iShowroom-branded tower application from Chrysler.

Recurring revenue in the second quarter of 2012 from the company’s hosting and support services increased 2 percent to a record $475,000 or 31 percent of total revenue from $466,000 or 26 percent of total revenue in the previous quarter and increased 19 percent from $400,000 or 13 percent of total revenue in the same year-ago period.

Gross profit in the second quarter of 2012 was $945,000 or a record 61 percent of total revenue, compared to $949,000 or 54 percent of total revenue in the previous quarter, and $1.4 million or 46 percent of total revenue in the same year-ago period.

Net loss in the second quarter of 2012 totaled $1.2 million, an improvement from a net loss of $1.8 million in the previous quarter, and an improvement from a net loss of $1.4 million in the same year-ago period. Net loss for the second quarter of 2012 included $132,000 of non-cash stock  compensation expense versus $161,000 in the previous quarter and $178,000 in the second quarter of 2011.