Revenues have fallen for the sixth consecutive quarter at Enablence Technologies, the company said Thursday.
The Ottawa-based photonics manufacturer reported revenue of $1.05 million during the three-month period that ended on March 31. That’s down from the previous quarter, when the company reported revenue of $1.07 million, and from the same period the year before, when Enablence reported revenue of $1.74 million.
In its management discussion and analysis filed with securities regulators, the company blamed the decrease on a “soft” telecom market that has resulted in lower demand for some of its optical component products “as well as the fact that the company’s new product ramp-up is still in process.”
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The company’s net loss was also up from the year before, to $3.06 million from $2.83 million.
“This increase was primarily due to decreased gross margins in the current period, partially offset by reduced finance expense due to the debt settlement in September 2013 and reduced operating expenses,” executives wrote.
However, net losses were down from the previous quarter, when the company reported a net loss of $3.28 million.
The results come less than a week after Enablence announced that it had replaced its CEO for the fourth time since 2010. The firm has never turned a profit from operations.
Despite the continuing losses, the company says it is seeing opportunities.
“We expect that during the next few quarters, products currently under development using our proprietary PIC technology, will start to contribute positively to the Company’s financial status,” reads the analysis. “We anticipate that market demand for high bandwidth transmission products with small form factor, low power consumption and low cost will continue the current rapid expansion for at least several years.”