B2B company Thinspace Technology has announced its third-quarter increased—year-over-year—by 464 Percent. That revenue increased to $2.3 million, compared with $411,000 for last year’s identical quarter.
“We are excited to report that the significant jump in revenue we achieved in second quarter of this year continued through the third quarter. Our revenue year-to-date totals $5.7 million versus just under $1 million through this same period last year, an increase of over 479 percent. We also significantly improved our operating margins, and will continue to seek gains in operating efficiencies, positioning us for better performance going forward. Execution of our accelerated business plan which started in the second quarter of this year is progressing well as this quarter’s increased revenue and improved operational efficiencies clearly demonstrate,” said CEO Chris Bautista. “Moving forward, Thinspace is well positioned to seize opportunities similar to the large government project we recently delivered which significantly drove our second and third quarter revenue gains. With focused, innovative development unifying our hardware and software enterprise virtualization solutions, we now have a comprehensive suite of offerings to suit the needs of any enterprise, big or small, delivering desktop virtualization in an easy-to-use, effective, and economical manner.”
The company said that it continues to realize improvements in operating efficiencies while growing top line revenue, resulting in a significant reduction in operating expenses as a percent of revenue quarter over quarter from 80 percent in Q2 2014 down to 65 percent in Q3 2014. The reduction in operating expenses in the third quarter 2014 was the biggest contributor to the Company’s improvement in operating loss on both a quarter-over-quarter and year-over-year basis. Operating loss improved greatly in the third quarter of 2014 to 29 percent of revenue, from a loss of 47 percent of revenue in Q2 2014 and a loss of 110 percent of revenue in Q3 2013.