PORT ORANGE, Fla., April 2, 2015 /PRNewswire/ -- Thinspace Technology Inc. (OTCQB: THNS) ("Thinspace" or the "Company"), a global provider of reliable, scalable and affordable application delivery, virtualization, and cloud computing technology to public and private sector companies and organizations of all sizes, today is pleased to announce its annual 2014 financial and operational results.
2014 annual revenue increased to $6.267 million as compared to $1.509 million in 2013, a year-over-year improvement of 315%. The growth this period over last year is consistent with the Company's previous 2014 quarterly performance improvements, which now total $5.701 million in revenue year to date versus $.984K through this period in 2013, representing an increase of over 479%.
Thinspace continues to realize improvements in operating efficiencies while growing top line revenue, resulting in a significant reduction in operating expenses as a percent of revenue year over year from 133% in 2013 down to 98% in 2014. Operating loss improved in 2014 to 54% of revenue, from a loss of 79% of revenue in 2013.
Chris Bautista, Chief Executive Officer of Thinspace Technology Inc., commented, "We are pleased to report strong revenue growth in 2014 of $6.3 million compared to $1.5 million in 2013, representing an increase of over 300%. Operating efficiencies increased this year over last year with a 35% improvement of operating expense as a percentage of total revenue. The improvements we started in mid-2014 have positively impacted our performance for the year. We look forward to implementing further improvements in operations and product development for 2015."
For more information regarding Thinspace Technology's financial performance for 2014, please refer to the Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on or about March 31, 2015.
Thinspace Technology operates in high growth B2B markets of desk top virtualization and cloud computing solutions – which 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. Thinspace achieved third quarter 2014 revenue of $2.322 million, and nine months ended September 30, 2014 revenue of $5.701 million, representing year-over-year improvements of 464% and 479%, respectively.
Gartner research predicts the global desk top virtualization market to surpass $65 billion in 2015.
About Thinspace Technology Inc.
Thinspace Technology Inc. is a leading, global provider of reliable, scalable and affordable desk top virtualization and cloud computing solutions to public and private sector enterprises and organizations of all sizes. Operating on the belief that 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. With over 5,000 enterprise customers worldwide, the Company is recognized as leading provider in its market with customers that include NASA, PWC, Deutsche Bank, Toyota, as well as NHS, local councils, universities, schools, and housing associations., The Company is headquartered in Port Orange, Florida with international offices in U.K., Canada, and India.
For more information on Thinspace, please visit www.thinspace.com and/or sign up for Company news alerts delivered right to your inbox. For industry related news and updates, be sure to follow Thinspace on Facebook, Twitter, and LinkedIn.
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, 2014.
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SOURCE Thinspace Technology Inc.