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Friday, Jan 27, 2023
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Overland Breaks Out of Sales Slump, Still Seeking Turnaround

Overland Storage Inc., a San Diego-based data storage systems provider, reported a net loss of $6.5 million for its second quarter ended Dec. 31, compared with a net loss of $8.9 million for the like quarter in the prior fiscal year.

Overland reported its results Jan. 24.

Revenue for the second quarter was $34.1 million, compared with $46.8 million for the like period of the prior fiscal year.

For the six months, Overland reported a net loss of $11 million versus a net loss of $28.9 million for the first half of the prior fiscal year.

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Revenue for the first half was $67 million, compared with $88.6 million in the prior fiscal year’s first six months.

On a positive note, Overland reported its first increase in quarterly revenue in four quarters.

The company’s 51 cents per share diluted loss in the latest quarter was 14 cents higher than a consensus estimate by stock analysts, and caused a sell-off on a day when the broader market showed gains.

Traded under OVRL on Nasdaq, the stock closed at $1.37, down 46 cents from the previous day, and a 52-week low. Its 52-week high was $4.78.

Chief Executive Officer Vern LoForti, who took over last year to stanch the bleeding, said while the company has made some progress in its turnaround, “We are still working our way through the process of leveraging the assets we have recently rebuilt.”

, Mike Allen

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