Thinspace Technology Inc (OTCMKTS:THNS), a global provider company of scalable, affordable and reliable application delivery, cloud computing technology and virtualization to private and public sector organizations and companies of all sizes, announced its FY2014 operational and financial results.
The annual revenue surged to $6.267 million against $1.509 million in FY2013, a YOY growth of 315%. The growth is consistent with the Company’s previous FY2014 quarterly performance growth, which now amounts to $5.701 million in revenue year to date against $.984K in comparable period in FY2013, showing growth of more than 479%.
Thinspace continues to witness rise in operating efficiencies while reporting growth in top line revenue, resulting in a considerable decrease in operating expenses as a percent of revenue YOY to 98% in FY2014 from 133% in FY2013. Operating loss came in FY2014 to 54% of revenue compared to a loss of 79% of revenue in FY2013.
The management view
Chris Bautista, the Chief Executive Officer of Thinspace Technology Inc (OTCMKTS:THNS) said that the management is pleased to announce strong revenue growth in FY2014 of $6.3 million against $1.5 million in FY2013, representing a jump of more than 300%. The operating efficiencies surged YOY with a 35% improvement of operating expense measured as a percentage of total revenue. The changes initiated in mid-2014 have positively affected the financial performance in FY2014. The management looks forward to executing further improvements in product development and operations for FY2015.
Thinspace Technology provides its solution in high growth B2B markets of cloud computing solutions and desk top virtualization which make it flexible, affordable and easier for IT Managers and companies to streamline and conduct computing operations securely and safely from any server located anywhere in the world.
In last trading session, the stock price of Thinspace 2.44% to close the trading session at $0.105 with share volume of 1.48 million.