xG Technology, Inc. (NASDAQ:XGTI) has issued its financial results for the fourth quarter and the fiscal year (FY) 2015. For the fourth quarter, the company ended with $368,000 in cash. Meanwhile, the revenue for the full-year was seen at $932,000, well above the $628,000 revenue in 2014.
The net loss of xG Technology for the FY 2015 is $17.90 million or earnings per share (EPS) of $2.76, which is better than the $19 million or EPS of $8.31 net loss in the previous year.
The full-year revenue comprised of $701,000 equipment sales and $231,000 worth of engineering and consulting services agreement.
In 2015, xG Technology has accomplished several milestones that allowed it to minimize its losses and somehow recover from 2014. The company has received the following: 1) an order for xMax mobile broadband wireless networking equipment and services from the US State Department worth about $200,000; 2) an order for xMax telemedicine network hardware, software, and service bundles from the Asia Pacific region worth about $400,000; 3) an order for xMax mobile broadband wireless networking equipment and services that will be used in Telemedicine/Telehealth Systems Network Infrastructure worth $309,000; and 4) an order and a follow-on order for xMax mobile broadband wireless equipment and services from Itellum LLC worth about $100,000 and $58,000 respectively.
George Schmitt, xG Technology CEO and Chairman of the Board, reiterated that the sales in 2015 were primarily driven by the US government and military as they recognize the importance of deploying xMax solutions in the conduct of their operations.
Other 2015 Highlights
Moreover, xG Technology has also launched the xMax NOW Transportable Broadband Wireless System, which provides instant, wide-area mobile communications in a rollout format. It is intended to meet the communication requirements of emergency response, homeland security, law enforcement, and more.
The company was also granted three new patents involving interference mitigation and cognitive radio technologies. It was also last year when xG Technology redesigned the xMax private wireless broadband system to be compatible with FirstNet, a proposed nationwide broadband high-speed network in the US.