Thinspace Technology Inc (OTCMKTS:THNS) a global provider of affordable, scalable and consistent application delivery, cloud computing technology and virtualization to public and private companies and corporations of all sizes released its annual 2014 financial and operational results. The revenue grew to $6.267 million compared to revenue of $1.509 million in FY2013. It implies a year-over-year growth of 315%.
The growth recorded in this period compared to last year is consistent with the Thinspace’s previous FY2014 quarterly performance, which now sums to $5.701 million in revenue till this time in year. It indicates a jump of more than 479%. The company is making good progress on front of operational efficiencies while increasing top line revenue. The combination resulted in lower operating expenses measured as a part of revenue YOY. The operating expenses as a percent of revenue reduce to 98% in FY2014 from 133% in FY2013. At the same time, the operating loss of Thinspace improves in FY2014 to 54% of total revenue from a massive loss of 79% of total revenue in FY2013.
The impressive figures
Chris Bautista, Chief Executive commented that Thinspace reported strong revenue growth in FY2014 of $6.3 million versus $1.5 million in FY2013. The figures indicate that growth came over 300%. The operating efficiencies surged in this year with a 35% reduction of operating expense measured as a percentage of total revenue. The measures started last year have positively impacted the financial and operational performance for the year. There are more plans waiting to be executed in this year.
Thinspace Technology Inc (OTCMKTS:THNS) is a pioneer firm that operates in B2B markets of cloud computing and desk top virtualization solutions which make it easier, flexible and affordable for IT Managers to carry out and reorganize computing process securely from any server in the world. On Friday’s trading session, the stock price of THNS declined 14.29% to close at $0.09.