Revenue Growth
Total revenue for Q1 2025 was $2.9 million, marking a 29% increase from $2.3 million in Q1 2024. Service revenues grew to $2.1 million, up 25%, and product revenues increased by 44% to $809,000.
Reduction in Gross Loss
Gross loss improved to approximately $700,000 from $1.4 million a year ago, driven by savings in the total cost of revenue.
Decreased Operating Expenses
Operating expenses for Q1 2025 were $6.2 million, a 9% reduction from $6.8 million in 2024, with reductions in sales and marketing expenses and G&A expenses.
Improved Net Loss
Net loss for the quarter was 11% lower than the previous year's $7.6 million, with a notable improvement in earnings loss per share.
Strengthened Cash Position
The cash balance was stronger compared to both Q1 last year and the end of 2024, with $11.2 million available.