Thanks to Globalive and Videotron… DragonWave posts record 421% increase in Q3 revenue

Being in the right place, the right time, right industry and luckily being Canadian sent Ottawa-based DragonWave results skyrocking. The was chosen by both Globalive (Wind Mobile) and Videotron to help build out their new wireless networks and as a results helped increased Q3 revenue by a whopping 421% to $55.8 million, up from $10.7 last year.

DragonWave President and CEO Peter Allen said “DragonWave delivered solid results again this quarter. The Company continues to scale the business to meet expanding worldwide demand for our market-leading packet microwave solutions”. Hopefully Peter Allen recognizes who helped with the results and a bottle of bubbly is sent their way! Here are some additional stats:

Third Quarter Fiscal Year 2010 Performance Summary

  • Revenue: $55.8 million, up 421% versus Q3 FY09 and 57% versus Q2 FY2010
  • Gross margin: 43%, versus 35% in Q3 FY09 and 42% in Q2 FY2010
  • Operating margin: 23%, versus 18% in Q2 FY2010
  • Net income: $12.6 million, versus $ 6.3 million in Q2 FY2010
  • Diluted EPS: $0.37, versus $0.21 in Q2 FY2010
  • Total cash generated from operations: $12.2 million
  • DSO performance: 39 days, based on ending balance
  • Ending cash, cash equivalents and short-term investments: $104.0 million
  • A single North American customer accounted for 82% of total fiscal third quarter revenue, and was the only greater-than-10% contributor in the quarter
  • Shipped product to 13 new customers in Q3 FY10, bringing year-to-date total to 32 new customers

Via: DragonWave