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Spectra7 Announces First Quarter 2019 Financial Results

(TSX:SEV) Spectra7 Microsystems Inc. (“Spectra7” or the “Company”), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, today announced its unaudited financial results for the three month period ended March 31, 2019. A copy of the unaudited consolidated financial statements prepared in accordance with International Financial Reporting Standards and the corresponding management’s discussion and analysis (“MD&A”) for the quarter ended March 31, 2019, can be found under the Company’s profile at www.sedar.com. Unless otherwise indicated, all amounts in this release are expressed in US dollars.

Q1 2019 Financial Summary

  • Revenue was approximately $1.4 million, nearly flat from the prior quarter and representing a 56% increase over the same period in the prior year;
  • Gross margin1 as a percentage of revenue was 55%, an approximately 2% increase from the prior quarter and flat from the same period in the prior year;
  • Non-IFRS operating expenses were $2.8 million, representing a slight increase from $2.6 million in the prior quarter and down approximately $0.4 million or 13% from the same period in the prior year; and
  • EBITDA2 loss of approximately $1.7 million compared to a loss of approximately $1.5 million in the prior quarter and a $0.7 million improvement from the same period in the prior year due to strong operating expense management.

CEO COMMENTARY

“I am pleased with our Q1 performance that we had pre-announced, particularly given that the first quarter is seasonally a slow quarter in our industry. We continue to drive strong design win traction in the data center market while maintaining a majority share of the tethered VR market with industry-leading OEMs,” said Spectra7 CEO Raouf Halim. “We continue to anticipate the production ramp of our data center active copper cable solutions in the second half of the year with a major China hyperscale operator and believe that we are track to achieve significant revenue growth.”

Quarterly Highlights

  • Spectra7 continued to experience strong traction with its data center solutions and announced ten new customer design-ins in Q1 2019, for a total of 55 to date;
  • A major China hyperscale data center Operator is on track to deploy active copper cables enabled by Spectra7 technology starting in the second half of 2019;
  • A major Ethernet Switch OEM has chosen to develop their own branded active copper cables with Spectra7 embedded integrated circuits for production shipments beginning this year;
  • The Company announced that it now has key partnerships with 4 of the top 5 global cable data center interconnect companies; and
  • The Company showcased 25/100/200/400 Gbps data center interconnects at DesignCon and OFC in the first quarter including demonstrations with leading system OEMs.

Capital Raise Update

The Company continues to evaluate various capital raise options, including but not limited to, a loan based on its valuable patent portfolio and is currently evaluating multiple term sheets for an asset-based loan. The Company is looking to bolster its capital structure to support the ramp of its innovative, low power GaugeChanger™ active copper cable interconnect technology for the growing hyperscale Data Center market and expects to complete its capital raise by or before the end of the second quarter.

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 Microsystems Inc. is a high performance analog semiconductor company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in virtual reality, augmented reality, mixed reality, data centers and other connectivity markets. Spectra7 is based in San Jose, California with design centers in Cork, Ireland and Little Rock, Arkansas. For more information, please visit www.spectra7.com.

CAUTIONARY NOTES

Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's future financial position and results of operations, outlook, revenue growth, revenue in the 2019 financial year, deployment of the Company’s technology by its customers, timing of the Company’s capital raising activities, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's annual MD&A for the year ended December 31, 2018. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

1 Gross margin is a non-GAAP measure. Refer to “Revenue and Gross Margin” in the Company’s annual MD&A for the year ended December 31, 2018 for reconciliation to measures reported in the Company’s financial statements.

2 EBITDA or earnings before interest, tax, depreciation, and amortization is a non-GAAP measure. EBITDA excludes share-based compensation, amortization, depreciation, interest, and tax expenses.

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