- Inscape (INQ) has announced operational results for fiscal Q1 2023
- For the period ending July 31, 2022, the company’s total sales revenue was $8.9 million, compared to $7.9 million for the same period of fiscal 2022
- Net loss for Q1 of fiscal 2023 was $6.2 million, or -$0.43 per diluted share, compared to net loss of $3.4 million or -$0.24 per diluted share for fiscal 2022
- Shares of Inscape (INQ) were down 33.33 per cent trading at $0.30 a share as of 3:15 pm ET
Inscape (INQ) has announced operational results for fiscal Q1 2023.
For the period ending July 31, 2022, the company’s total sales revenue was $8.9 million, compared to $7.9 million for the same period of fiscal 2022.
The improvement in the quarter, related largely to a major contract in the Walls business.
Net loss for Q1 of fiscal 2023 was $6.2 million, or -$0.43 per diluted share, compared to a net loss of $3.4 million or -$0.24 per diluted share for fiscal 2022. The company pointed to a lower gross margin and an increase in selling and marketing expenses to drive sales growth as the cause of the decline.
The company had total cash, cash equivalents and restricted cash of $6.1 million, versus $11.5 million by April 30, 2022.
The company’s CEO, Eric Ehgoetz said that fiscal Q1 2023 sales did not meet expectations, despite the year over year improvement of 12.7 per cent.
“Gross margins were unacceptable as a result. Certain investments in sales and marketing resources as well as expenses related to our continuing cost reduction initiatives are not yet evident in our financial results.”
Inscape Corp. (INQ) is an office furniture manufacturer. Its operating segment includes furniture and walls., such as storage, seating solutions, and movable walls.
Shares of Inscape (INQ) were down 33.33 per cent trading at $0.30 a share as of 3:15 pm ET.