Waukesha-based intelligent automation platform developer Telkonet Inc. today reported its 2017 results.
Net income was $3.7 million, or 3 cents per diluted common share, compared to a net loss of $1.4 million, or 1 cent lost per diluted common share, in 2016.
Telkonet reported a $3.5 million operating loss in 2017, compared with a $3.9 million operating loss in 2016.
Total net revenues were $8.3 million, flat from 2016.
During 2017, Telkonet sold its EthoStream LLC hospitality networking assets for $12.8 million and relocated its operations. Telkonet redeveloped and redistributed its technology, and implemented and deployed several new marketing products as it narrowed its focus.
“With 2017 ending, Telkonet has completed its redevelopment and corporate restructuring in support of our emergence as an innovation leader within commercial markets for intelligent automation and the Internet-of-Things,” said Jason Tienor, president and chief executive officer of Telkonet. “This refocusing has enabled us to take advantage of market opportunities not available to Telkonet previously and has positioned us for dramatic market expansion and growth moving forward.”
Telkonet’s platform supports Internet of Things devices to provide energy usage information and analysis so building operators can reduce energy costs. Its customers are in hospitality, education, military, government, health care and multiple dwelling housing.
