Qumu Corp. (QUMU) stock prices were up by 6.17% some time after market trading commenced on July 30th, 2021, bringing the price per share up to USD$2.55 early on in the trading day.
2nd Quarter Developments
The second quarter of fiscal 2021 saw QUMU stock launch its 360 degree video on demand for an unparalleled immersive enterprise video experience. The company introduced artificial intelligence-based translations of voice to on-screen captions for its video viewing consumer base, while also releasing integration with Socialive during the quarter. This afford video creators improved studio-quality production capabilities with the provision of a single unified interface
QUMU Stock Revenue Reports
QUMU stock reported revenues in the amount of USD$5.9 for the second quarter of fiscal 2021, up USD$5.8 million reported for the prior quarter. Subscription, maintenance, and support revenue for the second quarter of fiscal 2021 was up 9% to USD$5.1 million, up from the USD$4.7 million reported in the second quarter of the prior year. The difference was largely driven by a significant one-time license, as well as appliance revenues recognized from a large single customer from Q2 2020.
Net Loss Reports
Net loss for the second quarter of fiscal 2021 was reported at USD$4.3 million, representing a net loss of USD$0.24 per basic share and a net loss of USD$0.30 per diluted share. This is comparable to the net loss of USD$692,000 reported for the second quarter of 2020. The 2020 quarter reported a net loss of USD$0.05 per basic share and USD$0.06 per diluted share. The year-over-year difference in net loss was largely attributable to expenses associated with the execution of QUMU stock’s business strategy.
Additional Financials
Gross margins indicated a year-over-year improvement, up to 74% for the second quarter of 2021. This is comparable to the gross margin of 69% in the second quarter of 2020. The end of the 2021 quarter saw the company report USD$21.3 million in cash and cash equivalents, indicating a strong liquidity position. Concurrently, the company disclosed an absence of any borrowings on QUMU stock’s revolving credit facility.
Future Outlook for QUMU
Armed with a second 2021 quarter that was rife with expansive developments, QUMU is poised to leverage its resources to capitalize on the scope of opportunities it finds at its disposal. The company is keen to expand and consolidate its market footprint as it continues its trajectory of success. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.
