Monday, July 13, 2009

DragonWave Posts 41% Sequential Growth

DragonWave provided a business update and issued financial results (Canadian dollars), reporting record revenues of $16.0 million for the most recent fiscal quarter, representing growth of 41% over the preceding quarter and 49% over the same period last year. The company expects revenue will approximately sequentially double in the next quarter of this quarter.

While there was growth in demand from a variety of customers globally, the most significant increase came from the company's existing major North American based customer, which accounted for 52% of revenue in the quarter.

Revenue from customers within North America increased from $8.0 million in the first quarter of the previous year to $12.9 million and represented 80% of total revenue for the quarter. Revenue from outside North America increased as well, growing from $2.7 million to $3.1 million and represented 20% of total revenue for the quarter.

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