Waukesha-based Telkonet Inc. today reported a third quarter net loss on lower revenues.
The company reported a third-quarter net loss of $393,197, or 0 cents per share, compared with net income of $269,420, or 0 cents per share, in the third quarter of 2015.
Telkonet’s operating loss was $323,828 in the quarter, compared with operating income of $337,015 in the same period a year ago. Operating expenses increased across the board.
Revenue totaled $3.5 million in the third quarter, down from $4.1 million in the third quarter of 2015.
Telkonet makes intelligent automation solutions that are part of the Internet of Things. It serves commercial markets worldwide. The company earlier this year was fighting an activist shareholder’s attempt to nominate three directors to its board, which the shareholder ultimately succeeded in doing.
“While the third quarter continues the recovery from the effects of our contested proxy contest earlier this year, the strength of our core business is shown by the 20 percent revenue growth year-to-date of our EcoSmart business,” said Jason Tienor, chief executive officer of Telkonet. “As we continue to share Telkonet’s strategic vision and product development with partners and customers post-proxy, we continue to see expansion in product and market demand.”
