PORT ORANGE, Fla., Aug. 18, 2014 /PRNewswire/ -- Thinspace Technology Inc. (OTCQB: THNS; "Thinspace or the "Company"), a global provider of reliable, scalable and affordable application delivery, virtualization, and cloud client technology to public and private sector companies and organizations of all sizes, today is pleased to announce its second quarter 2014 financial and operational results.
Net revenue was $2.593 million, representing an increase of 871% from $0.267 million in the comparable second quarter of 2013, and an increase of 230% from $0.784 million recorded in the first quarter of 2014. Gross profit for the quarter ended June 30, 2014, came in at $0.865 million, up 865%, falling in line with revenue gains over the same period of 2013.
Chris Bautista, Chief Executive Officer of Thinspace Technology Inc., commented, "We're pleased with the outcome of the second quarter 2014 which was marked by strong revenue growth and steady margins. This quarter's revenue jump was due to the Company's increased designing capabilities and delivery of bespoke desktop virtualization solutions to existing customers. We delivered a significant large-scale project with multiple sites for a public sector organization and are optimistic that we will see more of these types of engagements going forward."
For more information regarding Thinspace Technology's financial performance during the three ended June 30, 2014, please refer to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2014.
Thinspace Technology operates in high growth B2B markets of application delivery, virtualization and cloud client technology that make it easier, more flexible and more affordable for companies and IT Managers to conduct and streamline computing operations securely from any server - anywhere in the world. IDC predicts that 2014 is the year where desktop virtualization is going to become main stream given its advantages currently in demand: low cost, flexibility, secure and green. According to Gartner research, the global desk top virtualization market is expected to surpass $65 billion in 2015.
About Thinspace Technology Inc.
Thinspace Technology Inc. is a global provider of reliable, scalable and affordable application delivery, virtualization, and cloud client technology to public and private sector companies and organizations of all sizes. Operating on the belief that application delivery and cloud computing solutions should be flexible, dynamic and above all, simple to use, Thinspace understands and is passionate about solving customer problems affordably in the most efficient and effective manner possible. The Company's list of private and public sector customers include NASA, PWC, Deutsche Bank, Toyota, as well as, NHS, local councils, universities, schools, and housing associations. With over 5,000 enterprise customers worldwide, Thinspace is recognized as a leading player in application delivery, virtualization, and cloud technology markets. The Company is headquartered in Port Orange, Florida with international offices in U.K., Canada, and India. For more information on the Company, please visit www.thinspace.com.
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
The Company is subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2013.
SOURCE Thinspace Technology Inc.