- CalAmp Corp. (NASDAQ:CAMP) reported a first-quarter revenue decline of 18.8% year-over-year to $64.73 million, missing the consensus of $69.43 million.
- Adjusted EPS was $(0.10), missing the consensus of $(0.03).
- Software and Subscription Services (S&SS) revenue was $39.6 million, compared to $35 million in the same quarter a year ago.
- Total S&SS subscribers were 1.2 million, a 13% sequential increase and +25% Y/Y.
- The gross margin contracted by 100 bps to 40%. The operating loss widened to $(9.34) million from a loss of $(1.23) million a year ago.
- Adjusted EBITDA decreased by 77.9% Y/Y to $1.86 million, and margin declined by 766 bps to 2.9%.
- Remaining Performance Obligations (RPO) increase 57% Y/Y and 7% sequentially to $215 million.
- Net cash used in operating activities for Q1 stood at $(15.55) million. CalAmp ended the quarter with $59 million in cash and cash equivalents.
- The Company did not provide quarterly guidance, stating that visibility into product shipments still remains uncertain due to the global component supply shortages; however, CAMP expects sequential quarterly revenue growth in the Q3 to be in the mid to high single-digit percentage points.
- Price Action: CAMP shares are trading lower by 9.33% at $6.51 during the post-market session on Thursday.
