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hopTo Inc. Announces First Quarter 2016 Highlights and Results

 

hopTo Inc., developer and provider of the most comprehensive mobile productivity platform, today announced its financial results for the first quarter ended March 31, 2016.

First Quarter 2016 Highlights:

  • Revenue of $1.0 million
  • Launched Project Mobilis -- integration with Citrix® HDX™
  • Announced MAX-IE -- the Mobile App eXperience for Internet Explorer®
  • Released hopTo MAX for GO-Global for Windows

"Throughout the first quarter, the hopTo team has been focused on Project Mobilis and the go to market efforts to support our integration with Citrix XenApp® and HDX," stated Eldad Eilam, President and CEO of hopTo Inc. "This has included support from Citrix in both product development and marketing efforts," said Eilam.

"We continue to receive positive feedback from prospective customers and channel partners in a range of vertical markets and have found a renewed willingness to engage with us with the pending release of our HDX integration. The interest in MAX-IE has been particularly keen as enterprises are seeking better mobile user experience for the large number of Microsoft® Internet Explorer based applications that they rely on for key operational functions."

"In Q1 we also delivered for the first time a Mobile App eXperience capability to our legacy GO-Global customers, providing them with a significant improvement for mobile users of their applications."

"Our product and business development efforts are off to a great start in the second quarter, with the recent announcement of our new partnership with EOH Technology Solutions, launching our Board of Advisors which is providing fantastic guidance and support, and preparing for our sponsorship of Citrix Synergy later this month," concluded Mr. Eilam.

First Quarter 2016 Results of Operations

Total revenue for the first quarter 2016 of $1.0 million represents a decrease of 31% from $1.47 million for the same period in the prior year. This revenue is nearly all from the Company's Go-Global products and services and consistent with our forecast as discussed on our earnings call on March 30, 2016.

Gross profit for the first quarter of 2016 amounted to $0.95 million, as compared to $1.37 million, for the same period in 2015.

Selling, general and administrative expenses for the first quarter of 2016 were $1.0 million and R&D expenses were $0.9 million, compared to $1.4 million and $1.2 million for the same period in 2015. The Company continued to deliver on cost controlling measures and better cash management, with total operating expenses for the first quarter of $1.9 million, compared to $2.6 million for the same period in 2015.

Total operating loss for the first quarter of 2016 was $0.9 million, which is a year over year improvement of 23% from the $1.2 million operating loss that we reported for the same period in 2015.

hopTo reported a net loss for the quarter ended March 31, 2016 of $1.0 million, or $0.10 per basic and diluted share, compared to $1.3 million or $0.17 per basic and diluted share for the same period in 2015.

As of March 31, 2016 the Company had cash of $1.07 million and accounts receivable of $433 thousand.

Published Friday, May 13, 2016 6:15 AM by David Marshall
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