Waukesha-based intelligent automation platform developer Telkonet Inc. today reported it narrowed its loss from continuing operations by 76 percent in the second quarter.
Telkonet’s second quarter net loss from continuing operations was $206,582, compared with $850,551 in the second quarter of 2017.
Total net revenue was $3 million in the second quarter, up from $2.1 million in the year-ago quarter.
The company also indicated it has launched a strategic review of its business positioning with Roth Capital Partners.
Telkonet develops intelligent automation platforms used to help commercial clients manage their operational costs, including its EcoSmart platform that allows building owners to analyze energy data and use IoT-connected devices to reduce energy usage.
In March 2017, Telkonet sold its hospitality high-speed internet access business, EthoStream, to DCI Design Communications for $12.8 million, shifting its focus to its core business operations.
“Telkonet has encountered a dramatic expansion in growth and understanding of the market for commercial automation and IoT solutions since the beginning of the year,” said Jason Tienor, president and chief executive officer of Telkonet. “This growth has had a very positive impact on Telkonet’s current and future performance demonstrated by 40 percent net revenue growth over the prior year’s same quarter.”