Echelon Corporation, a company specializing in Internet of Things and smart grid communications, has reported Q1 2014 net loss of $4.0 million  compared with a net loss of $9.2 million in the same period last year.
Non-GAAP net loss for the first quarter was $3.1 million, compared with a non-GAAP net loss of $1.9 million per share for the first quarter of 2013.
Revenues from Echelon’s Grid business were $6.9 million for the first quarter, down from $13.4 million in the same period last year.
Revenues from Echelon’s IIoT (Industrial Internet of Things) business were $10.9 million in the first quarter, down from $11.8 million a year ago, including $1.5 million of sales to Enel in the quarter compared with $1.9 million in the same period last year.
Total GAAP gross margins in the first quarter were 48.6 percent compared with 46.8 percent in the first quarter of 2013. Higher gross margins were largely driven by higher support revenue.
Total operating expenses for the quarter declined to $12.5 million from $21.1 million in the same period last year as a result of the restructuring activities and Finmek related litigation charges last year.