Wauwatosa-based Telkonet Inc. today reported a net loss of $778,208, compared to a net loss of $411,846 in the first quarter of 2013.
Total net revenues were $2.6 million, down from $3.1 million in the same period a year ago.
Telkonet, an energy management firm that also specializes in high-speed Internet access, attributed $500,000 of the loss to GAAP revenue recognition guidelines that require fulfillment of contractual obligations prior to recognizing revenues. As a result, the funds were recorded as deferred revenue.
“While significantly impacted by deferred revenue recognition due to delayed customer signoffs, Telkonet saw traction in a typically slow quarter,” said Jason Tienor, chief executive officer. “With continued growth of our record backlog entering into the busiest season for our educational market, we remain excited about 2014 and the wins we’ve seen from business development across our diversified target market segments.”