PORT ORANGE, Fla., Nov. 17, 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 third quarter 2014 financial and operational results.
Third quarter 2014 revenue increased to $2.322 million as compared to $0.411 million in the comparable 2013 period, a year-over-year improvement of 464%. 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 quarter over quarter from 80% in Q2 2014 down to 65% in Q3 2014. The reduction in operating expenses in the third quarter 2014 was the biggest contributor to the Company's improvement in operating loss on both a quarter-over-quarter and year-over-year basis. Operating loss improved greatly in the third quarter of 2014 to 29% of revenue, from a loss of 47% of revenue in Q2 2014 and a loss of 110% of revenue in Q3 2013.
Chris Bautista, Chief Executive Officer of Thinspace Technology Inc., commented, "We are excited to report that the significant jump in revenue we achieved in second quarter of this year continued through the third quarter. Our revenue year-to-date totals $5.7 million versus just under $1 million through this same period last year, an increase of over 479%. We also significantly improved our operating margins, and will continue to seek gains in operating efficiencies, positioning us for better performance going forward. Execution of our accelerated business plan which started in the second quarter of this year is progressing well as this quarter's increased revenue and improved operational efficiencies clearly demonstrate."
"Moving forward, Thinspace is well positioned to seize opportunities similar to the large government project we recently delivered which significantly drove our second and third quarter revenue gains. With focused, innovative development unifying our hardware and software enterprise virtualization solutions, we now have a comprehensive suite of offerings to suit the needs of any enterprise, big or small, delivering desktop virtualization in an easy-to-use, effective, and economical manner."
For more information regarding Thinspace Technology's financial performance during the three months ended September 30, 2014, please refer to the Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on or about November 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.
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SOURCE Thinspace Technology Inc.