A failure to convert pilot projects into paying customers is keeping Ottawa-based Leonovus (TSX-V:LTV) in the red, according to the firm’s third-quarter earnings released Monday.
The firm, which develops software to help optimize companies’ storage, reported nil revenues for the three months ending Sept. 30. Through reduced operating expenses, the company trimmed its net loss for the quarter to roughly $1 million, down from $1.4 million a year previous.
Leonovus said last year that it expected revenues to start flowing from three projects it was implementing with an unnamed major Canadian bank. The firm now says it doesn’t expect to convert any of those pilots into paying deals, citing turnover at the bank and changes in its internal technology.
(Sponsored)
Preparation is key to preventing legal consequences for dismissal, according to Emond Harnden LLP
Companies contending with the difficult process of dismissing an employee must be very careful about their actions, or face potentially serious legal consequences. Being proactive about maintaining accurate and detailed
Local businesses face hiring obstacles due to immigration pullback, flawed screening
In his 39 years of practicing immigration law, Warren Creates (a rare Law Society Certified Specialist) has never seen an environment so challenging for employers looking to hire workers from
The company said it still expects to collect revenues next year from a Build in Canada Innovation Program deal with the federal government.
Earlier this year, Leonovus released a new product, dubbed the Smart Filer, which looks to extend the capacity of existing file storage solutions. The company said it expects revenues from the new product will also begin to flow next year.
Shares of Leonovus have dropped to 2.5 cents in trading on the TSX Venture Exchange from a price of 18 cents at the start of 2019.
