Record-breaking revenue for Espial in 2015 Q2

Ottawa-based Espial had record-breaking revenue in its second quarter of 2015, CEO Jason Dolvane said late Wednesday.

Mr. Dolvane said the TV on-demand software company “continued to make good progress” delivering its software and integration services.

“To support further growth, we also completed a significant financing, acquired Bluestreak which provides us with additional engineering talent and customers, and launched Espial Experience professional services group,” Mr. Dolvane said in a statement.

Espial’s quarterly revenue was a record $5.5 million, up from $4.7 million for the same period last year. This was due largely to a spike in European revenues, which nearly tripled to $3.3 million from $1.2 million for the same period last year.

Meanwhile, the firm’s North American revenue dropped to $1.6 million from $2.4 million for the same quarter of 2014. Asian revenue also dropped, from $1.1 million in the second quarter of 2014 to $528,631 in the second quarter of this year.

Espial’s second-quarter gross margin was 73 per cent, up from 72 per cent at this time last year. Operating expenses rose to $4.3 million, compared with $3.2 million for the second quarter of 2014.

Adjusted EBITDA for the quarter, at $370,506, was down from the $601,951 posted in the second quarter of 2014. The company posted a net loss of $277,835 compared with a net income of $90,571 for the same quarter of last year.

As of June 30, Espial (TSX:ESP) had cash and cash equivalents on hand worth $48.1 million.