DragonWave Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2015. For the quarter, the company reported revenue of USD 20.997 million against USD 47.320 million a year ago. Loss before income taxes was USD 5.295 million against USD 2.934 million a year ago. Net Loss attributable to shareholders was USD 6.247 million or USD 0.08 per basic and diluted share against USD 3.756 million or USD 0.05 per basic and diluted share a year ago. Net cash from operating activities was USD 1.144 million against cash used in operating activities of USD 9.797 million a year ago. Acquisition of property and equipment was USD 0.039 million against USD 1.311 million a year ago. Acquisition of intangible assets was USD 0.063 million against USD 0.041 million a year ago. The reduction in revenue can be attributed primarily to reduced sales both through the Nokia channel and to a Tier 1 carrier in India. The adjusted cash usage from operations decreased to USD 2.8 million from the adjusted cash usage in the second quarter of USD 5.1 million. This was achieved primarily through improvements in gross margin and reduction in its operating expenses.

For the nine months, the company reported revenue of USD 74.254 million against USD 114.024 million a year ago. Loss before income taxes was USD 30.135 million against USD 17.466 million a year ago. Net Loss attributable to shareholders was USD 33.173 million or USD 0.44 per basic and diluted share against USD 19.252 million or USD 0.29 per basic and diluted share a year ago. Net cash used in operating activities was USD 7.827 million against USD 21.180 million a year ago. Acquisition of property and equipment was USD 1.290 million against USD 2.772 million a year ago. Acquisition of intangible assets was USD 0.391 million against USD 0.274 million a year ago.