Interlink shares drop after report of first-quarter losses
Interlink Electronics, an Irvine-based sensor manufacturer with its primary research and development facility in Camarillo, saw its revenue dip and its net loss increase when it released its earnings for the first quarter of 2021.
According to the company’s May 6 earnings release, Interlink generated revenue of $1.56 million in the first quarter of 2021, down 7.3% from the same period a year before.
The drop in revenue could be attributed to lower demand for Interlink’s custom products in the medical market brought on by the COVID-19 pandemic, the company said.
Interlink did report higher demand for its custom products in the industrial and consumer markets.
The company suffered a loss of $43,000 in the first quarter of 2021, up more than 100% from the first quarter a year ago, when it had a net loss of $18,000.
Gross profit dropped 8.9% from $959,000 in the first quarter of 2020 to $874,000 in 2021, but gross margin remained roughly the same for Interlink.
Interlink ended the quarter with $6.1 million in cash and cash equivalents.
As of March 25, Interlink is once again trading on the NASDAQ after years of trading over the counter.
Interlink shares opened at $13.65 on May 6, and dropped nearly 9.6% throughout the day to close at $12.45.
