TORONTO – SMTC reported second quarter revenue increased 34.8% to $44.5 million, compared to the second quarter of 2017.
The company posted a net loss of $100,000, compared to a net loss of $600,000 in the same quarter last year.
Adjusted EBITDA was $1.6 million, compared to a loss of $3.6 million in the second quarter of 2017.
“I am pleased to report that we are exceeding our business plan,” said Ed Smith, SMTC’s president and CEO. “During the second quarter we added two new customers and further expanded programs with existing customers. With our focus now squarely on our growth, we continue to see strong demand and an accelerating trend in our backlog metrics with growth in our semiconductor, test/measurement and medical business lines. Our backlog and business pipeline, barring any further tightening of the supply chain by electronic component suppliers, should support year-over-year revenue growth in excess of 25% for the full year 2018, and increased gross profits, adjusted EBITDA, and earnings, as we indicated in our July 23, 2018 press release.
“Even against a backdrop of uncertainties with global trade policy and with higher levels of demand in the industry causing supply chain challenges, we believe our robust supply chain and operating model afford us flexibility to continue to grow our business and support our customers. Our commitment to operational excellence and serving our customers, we believe, will position us to achieve industry-leading quality and superior customer on-time delivery metrics.”
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