Telkonet narrows loss in Q2

Company completed sale of hospitality networking assets in March

Telkonet HQ
The Telkonet headquarters in Waukesha.

Waukesha-based Telkonet Inc. today reported a second-quarter net loss of $869,406, or 1 cent lost per diluted share, compared with a net loss of $1.3 million, or 1 cent lost per share, in the second quarter of 2016.

Telkonet HQ
The Telkonet headquarters in Waukesha.

Telkonet’s operating loss was $866,924 in the second quarter, compared with an operating loss of $1.3 million in the same period a year ago.

Revenue totaled $2.1 million in the second quarter, down from $2.3 million in the second quarter of 2016.

Telkonet makes intelligent automation solutions that are part of the Internet of Things. It serves commercial markets worldwide.

The company in March completed the sale of the assets and operations of its EthoStream LLC division to New York-based DCI Design Communications for $12.8 million.

“Our recent divestiture has created an enormous opportunity to expand Telkonet’s market penetration and drive revenue growth,” Jason Tienor, president and CEO of Telkonet, said in a statement. “Through our efforts during the second quarter, we’ve positioned the company to take advantage of this restructuring and refocusing to accelerate work towards product development and expanded marketing and sales initiatives.”

“Our efforts through the second quarter of 2017 have been focused on structuring the organization for rapid revenue growth, EcoSmart platform expansion and the strategic positioning of Telkonet for maximized value and growth,” Tienor added. “We’re very happy with the result of these efforts and look forward to the potential our future holds as a focused intelligent automation and IoT company.”

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Lauren Anderson
Lauren Anderson covers health care, nonprofits, education and insurance for BizTimes. Lauren previously reported on education for the Waukesha Freeman. She graduated from the University of Wisconsin-Madison, where she studied journalism, history and African studies. In her free time, Lauren enjoys spending time with family and friends and seeing live music wherever she can.