PHILADELPHIA, PA — Exyn Technologies (NASDAQ: EXYN, EXYNW) reported a wider first-quarter loss as public-company preparation costs increased and revenue declined, though stronger margins and a subsequent initial public offering provided additional capital for the autonomous-navigation company.
The net loss widened to $3.24 million, or $2.45 per basic and diluted share, for the quarter ended March 31, from $2.58 million, or $1.96 per share, a year earlier.
Revenue fell 2.3% to $1.19 million from $1.22 million. Exyn attributed the approximately $27,000 decline to the timing of customer projects and product deliveries.
Gross profit rose 16% to $500,000 from $430,000 as revenue mix improved and product and service delivery costs declined.
Gross margin increased to 42.2% from 35.6%, an improvement of 660 basis points.
Operating expenses climbed to $3.38 million from $2.95 million, primarily because of higher selling, general and administrative costs tied to Exyn’s transition to public-company operations.
The company held about $1.1 million in cash and cash equivalents at the end of March, up from $800,000 at Dec. 31.
Exyn subsequently raised approximately $19.4 million in gross proceeds through its May initial public offering and began trading on the Nasdaq Capital Market.
Cash and cash equivalents stood at approximately $7.4 million as of July 6 after the company used part of the IPO proceeds to repay obligations to Western Alliance Bank and Maximcash Solutions.
In June, Exyn renamed its defense-focused subsidiary Range as Exyn Defense Inc., creating a dedicated operation serving government, defense, national security and allied applications.
The business is intended to integrate Exyn’s autonomous navigation and mapping technology across aerial, ground and hybrid robotic systems operating where GPS, communications or existing maps are unavailable.
Chief Executive Officer Brandon Torres Declet said the defense unit expanded the company’s addressable market while preserving its focus on platform-agnostic autonomous systems.
Exyn also continued deploying its autonomy and mapping technology in underground mining, construction, industrial and critical-infrastructure settings.
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