Shares of micro-cap Wi-Fi software provider iPass have surged over 60% since the start of the year. The company’s CEO Gary Griffiths said the growing trend toward ‘Wi-Fi first’ should carry the industry – and the stock – even higher. ‘We have drastically expanded our network, we have 60 million hotspots today versus 20 million a year ago so we have really been pouring the heat on the network,’ said Griffiths. Last week iPass, which has traded publicly since 2003, reported a second quarter net loss of $1.4 million and adjusted EBITDA loss of $0.3 million, or less than half a cent a share. Revenue in the quarter increased to $16.5 million, beating its prior year top line by nearly $1 million and topping its first quarter 2016 sales by almost $2 million. The company has not had a revenue growth year since 2007, according to Griffiths, who joined iPass over a year ago to turn the company around. Average monthly Wi-Fi network users in Q2 grew 24,000, or 24%, over the first quarter of 2016, and 30,000, or 32%, over the prior year. Usage of the iPass Network, as measured in
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