Waukesha-based Telkonet Inc. today reported a first-quarter net loss of $1.3 million, or 4 cents lost per diluted share, compared with a net loss of $490,650, or 0 cents lost per share, in the first quarter of 2016.
Telkonet’s operating loss was $1.3 million in the first quarter, compared with an operating loss of $473,829 in the same period a year ago.
Revenue totaled $1.9 million in the first quarter, down from $2.9 million in the first quarter of 2016.
Telkonet makes intelligent automation solutions that are part of the Internet of Things. It serves commercial markets worldwide.
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.
“With the divestiture of Telkonet’s hospitality networking assets at the end of the first quarter, we’ve begun a new chapter in the evolution of Telkonet as a leader in intelligent automation and the commercial Internet-of-Things (IoT) industry,” said Jason Tienor, chief executive officer of Telkonet. “While a significant investment in time and resources to reach a successful conclusion, the completion of this transaction has enabled us to focus on the emerging IoT market, secure key partnerships, expand target markets and enter into opportunities not available to us previously.”
The company reported gains of $6.4 million from the sale of discontinued operations related to sale of EthoStream. Telkonet paid $87,750 in bonuses to executives related to the sale and $314,686 in stock-based compensation.
