Overview
- The company guided third-quarter revenue to about $70 million, in line with earlier expectations but signaling stagnant growth.
- Projected gross margin stands at 10% to 11%, reflecting $1.7 million in costs tied to the shutdown of China operations.
- Management signaled a significant non-cash impairment that reduces the book value of long-term assets.
- Shares traded lower on Monday, recently quoted at $2.17, after weeks of extreme meme-style volatility and heavy short-interest focus.
- Official third-quarter results are scheduled for Nov. 4, with Wall Street modeling a loss of roughly 43 cents per share.