Waukesha-based Telkonet Inc. today reported record revenue for its first quarter.
Total net revenues were $4.6 million in the first quarter, up 80 percent from $2.6 million in the first quarter of 2015.
The company makes intelligent automation solutions that are part of the Internet of Things. The company serves commercial markets worldwide.
Product revenue was up 125 percent year-over-year, to $3.5 million, driven by demand from the hospitality market.
Net income was $120,122, or 0 cents per share, in the first quarter, compared with a net loss of $762,331, or 1 cent lost per share, in the first quarter of 2015.
Operating income totaled $188,255, compared with an operating loss of $671,837 in the same period last year.
“Our first quarter results demonstrate the success of our strategic growth initiatives and continued investment in sales and marketing activities,” said Jason Tienor, chief executive officer of Telkonet. “Our continued innovation and technological leadership have allowed us to develop a platform that is unique in our target verticals. We look forward to expanding on these results with the release of several new innovations throughout 2016.”
Telkonet in late February was targeted by an activist investor who filed notification with the Securities and Exchange Commission of his intent to have himself and two other individuals nominated to the company’s board of directors at the June 27 shareholder meeting, and expressed concern about Telkonet’s stock performance. In March, Telkonet announced it has hired an investment bank to explore its strategic options.
