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Novatel Wireless Reports Q4 Net Loss of $14.4 Million

Novatel Wireless Inc., the technology company in transition, reported a net loss of $14.4 million on net revenue of $58.1 million during its fourth quarter, which ended Dec. 31. In the same quarter one year ago, the company reported a net loss of $4.4 million on net revenue of $55.4 million.

For the year, Novatel Wireless (Nasdaq: MIFI) reported a net loss of $52.3 million on net revenue of $220.9 million. For the whole of 2014, the company reported a net loss of $39.7 million on net revenue of $185.2 million.

The business is shifting its emphasis, concentrating more on its Ctrack telematics service, which it took on with the acquisition of South Africa-based DigiCore in 2015.

Board Chairwoman Sue Swenson took over as CEO at the end of October, after the board dismissed CEO Alex Mashinsky.

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