PORT ORANGE, Fla., April 2, 2015 /PRNewswire/ -- Thinspace
Technology Inc. (OTCQB: THNS) ("Thinspace" or the "Company"),
a global provider of reliable, scalable and affordable application
delivery, virtualization, and cloud computing technology to public
and private sector companies and organizations of all sizes, today
is pleased to announce its annual 2014 financial and operational
results.
2014 annual revenue increased to $6.267
million as compared to $1.509
million in 2013, a year-over-year improvement of 315%.
The growth this period over last year is consistent with the
Company's previous 2014 quarterly performance improvements, which
now total $5.701 million in revenue
year to date versus $.984K through
this period in 2013, representing an increase of over 479%.
Thinspace continues to realize improvements in operating
efficiencies while growing top line revenue, resulting in a
significant reduction in operating expenses as a percent of revenue
year over year from 133% in 2013 down to 98% in 2014. Operating
loss improved in 2014 to 54% of revenue, from a loss of 79% of
revenue in 2013.
Chris Bautista, Chief Executive
Officer of Thinspace Technology Inc., commented, "We are pleased to
report strong revenue growth in 2014 of $6.3
million compared to $1.5
million in 2013, representing an increase of over 300%.
Operating efficiencies increased this year over last year with a
35% improvement of operating expense as a percentage of total
revenue. The improvements we started in mid-2014 have
positively impacted our performance for the year. We look
forward to implementing further improvements in operations and
product development for 2015."
For more information regarding Thinspace Technology's financial
performance for 2014, please refer to the Annual Report on Form
10-K to be filed with the Securities and Exchange Commission on or
about March 31, 2015.
Thinspace Technology operates in high growth B2B markets of desk
top virtualization and cloud computing solutions – which make it
easier, more flexible and more affordable for companies and IT
Managers to conduct and streamline computing operations securely
from any server - anywhere in the world. Thinspace achieved
third quarter 2014 revenue of $2.322
million, and nine months ended September 30, 2014 revenue of $5.701 million, representing year-over-year
improvements of 464% and 479%, respectively.
Gartner research predicts the global desk top virtualization
market to surpass $65 billion in 2015.
About Thinspace Technology Inc.
Thinspace Technology Inc. is a leading, global provider of
reliable, scalable and affordable desk top virtualization and cloud
computing solutions to public and private sector enterprises and
organizations of all sizes. Operating on the belief that solutions
should be flexible, dynamic and above all, simple to
use, Thinspace understands and is passionate about solving
customer problems affordably in the most efficient and effective
manner possible. With over 5,000 enterprise customers worldwide,
the Company is recognized as leading provider in its market with
customers that include NASA, PWC, Deutsche Bank, Toyota, as
well as NHS, local councils, universities, schools, and housing
associations., The Company is headquartered in Port Orange, Florida with international
offices in U.K., Canada, and
India.
For more information on Thinspace, please visit
www.thinspace.com and/or sign up for Company news alerts delivered
right to your inbox. For industry related news and updates, be sure
to follow Thinspace on Facebook, Twitter, and LinkedIn.
Forward-Looking Statements:
This press release includes forward-looking statements
concerning the future performance of our business, its operations
and its financial performance and condition, and also includes
selected operating results presented without the context of
accompanying financial results. These forward-looking statements
include, among others, statements with respect to our objectives
and strategies to achieve those objectives, as well as statements
with respect to our beliefs, plans, expectations, anticipations,
estimates or intentions. These forward-looking statements are based
on our current expectations. We caution that all forward-looking
information is inherently uncertain and actual results may differ
materially from the assumptions, estimates or expectations
reflected or contained in the forward-looking information, and that
actual future performance will be affected by a number of factors,
including economic conditions, technological change, regulatory
change and competitive factors, many of which are beyond our
control. Therefore, future events and results may vary
significantly from what we currently foresee. We are under no
obligation (and we expressly disclaim any such obligation) to
update or alter the forward-looking statements whether as a result
of new information, future events or otherwise.
The Company is subject to the risks and uncertainties
described in its filings with the Securities and Exchange
Commission, including the section entitled "Risk Factors" in its
Annual Report on Form 10-K for the year ended December 31, 2014.
Investor Relations
Email: lauren@choosewindmill.com
Phone: 855-371-3936
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SOURCE Thinspace Technology Inc.