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.
OBJ360 (Sponsored)

Glenview Homes Unveils Union West: A New Chapter in Stittsville Living
Union West, Glenview Homes’ highly anticipated new community in the heart of Stittsville is welcoming buyers at its brand-new Sales Centre and model home, The Reveli, located at 6147 Fernbank

2nd Annual Ottawa Tech Opening Teeing Off for JA
The Ottawa Tech Open is teeing off once again this summer, bringing together startup founders, entrepreneurs, investors and those immersed in the city’s tech community, all for a good cause.
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.