Novatel Wireless Inc. said Nov. 5 that it posted a net loss of $20.8 million on net revenues of $54.6 million in the third quarter of 2015.
The business released its financial results nine days after it fired CEO Alex Mashinsky.
Novatel Wireless (Nasdaq: MIFI) has struggled to be profitable in recent years, though it is unclear whether, or how much, the latest quarterly financial results had to do with the CEO’s dismissal. Chairwoman Sue Swenson took the CEO’s job Oct. 27.
Novatel also recently completed the acquisition of South Africa-based DigiCore Holdings as well as Feeney Wireless.
Novatel’s third quarter net loss included a $10.5 million non-cash change in acquisition-related escrow and an interest expense of $2.4 million on top of an operating loss of $7.5 million.
Revenue in the year-ago quarter was $44.3 million, when the business’ net loss was $8.8 million.