Telkonet Inc. reported on Tuesday a third-quarter net loss of $641,937, or 1 cent lost per diluted share, compared with a net loss of $393,196, or 1 cent lost per share, in the third quarter of 2016.
The Waukesha-based company operates an intelligent automation system that allows commercial building owners to reduce their energy usage.
Telkonet’s operating loss was $883,662 in the third quarter, compared with an operating loss of $1.2 million in the same period a year ago.
Revenue totaled $2 million in the third quarter, up from $1.5 million in the third quarter of 2016.
The company’s operating expense was $1.7 million in the third quarter, down 9 percent from $1.9 million in the prior year period.
The company in March completed the sale of the assets and operations of its EthoStream LLC division to New York-based DCI Design Communications for $12.8 million.
In an earnings call Tuesday, Jason Tienor, Telkonet’s president and chief executive officer, said the company has been “rebuilding itself as an entirely new company over the last seven months.”
“With the redevelopment of Telkonet’s operations following our divestiture of EthoStream now completed, the third quarter enabled Telkonet to refocus on its ‘core business growth,” Tienor said. “Through the deployment of new tools and resources designed to drive sales enablement and success, we are now beginning to recognize their potential.”
Tienor touted the company’s recent addition of a director of marketing role, saying the increased focus on marketing has shown “measurable results.”
He said markets including military, housing, education and hospitality have driven a 35 percent increase in third quarter overall revenue.
“This pipeline is what we see driving our business to profitability in 2018,” he said.
