Ottawa-based optical component supplier Enablence Technologies reported second-quarter results that “may cast significant doubt about the company’s ability to continue as a going concern,” according to a release issued late Monday.
Revenue for the three months ending Dec. 31 was $299,000, down from just over $1 million in the same quarter of 2013.
At $1.55 million, operating expenses were down more than $700,000 from the same period a year earlier. That resulted in a $2.4-million net loss, compared with a $3.3-million net loss in the same quarter in 2013.
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As of Dec. 31, the company had $847,000 in cash and negative working capital of $3 million.
The company had a comprehensive loss of $4.6 million for the six months ended Dec. 31, and an accumulated deficit of $99 million. Enablence has $3.4 million of notes and debt payable due in the next 12 months.
Echoing a statement from the last quarterly report, the company said its “ability to continue as a going concern is dependent upon the ability to generate positive cash flow and the ability to execute its business plan, including funding operating losses, and obtaining additional sources of financing.”