Calamp Corp. (CAMP)

Shares of CalAmp (CAMP) dropped by 35.29% from $0.45 to $0.29 in the trading on Monday, October 16, 2023. The reason why CAMP is down today is due to the company's second-quarter fiscal year 2024 financial results.

• Total Revenue: CalAmp reported Q2 FY2024 revenue of $61.7 million, marking a $9.2 million decline from the previous quarter and an $11.1 million decrease compared to the same period last year.
• Gross Margin: The company's gross margin dropped to 36.2% in the quarter, down 200 basis points sequentially and 370 basis points year over year, primarily due to lower volumes and product mix changes.
• S&SS Revenue: Software and Subscription Services (S&SS) revenue for the quarter was $40.4 million, down $4.6 million sequentially and $4.2 million year over year.
• Telematics Products: Revenue from Telematics Products was $21.4 million, including a strong performance from an industrial customer. However, it still saw a sequential decline of $4.6 million and a year-over-year drop of $7.0 million.
• Recurring Subscription: Recurring Application Subscription revenues were $18.7 million, reflecting a $0.5 million sequential decrease and a $1.8 million decline year over year.
• Adjusted EBITDA: The company reported adjusted EBITDA of $5.9 million in the quarter, equivalent to approximately 10% of revenue. This showed a slight sequential decrease of $0.2 million but a year-over-year increase of $1.1 million.
• Net Loss: CalAmp's GAAP net loss from continuing operations for the quarter was $4.2 million, resulting in a loss of $0.11 per share. While this represented a sequential decline from a loss of $4.0 million or $0.11 per share, it marked an improvement compared to a loss of $7.5 million or a loss of $0.21 per share year over year.

Shares of CalAmp (CAMP) dropped by 11.80% from $1.10 to $0.97 in the trading on Tuesday, July 11, 2023. The reason why CAMP is down today is due to CalAmp's quarterly financial results, which showed a loss of $0.01 per share, significantly below the expected earnings of $0.04 per share. This disappointing performance, along with a revenue miss of 6.60% compared to estimates, led to the stock's decline. Investors may be reacting to these unfavorable results and the company's future outlook.

Shares of CalAmp (CAMP) dropped by 17.70% from $2.09 to $1.72 in the trading on Thursday, May 11, 2023. The reason why CAMP is down today is due to the announcement of CEO Jeff Gardner's impending departure, set for no later than October 30, 2023. The company has initiated a search for its next CEO, with plans to enlist an executive search firm's assistance. Jeff Gardner expressed his pride in the company's accomplishments and progress during his tenure. Henry Maier, Chair of CalAmp's Board of Directors, acknowledged Gardner's contributions and leadership, particularly during challenging times such as the COVID-19 pandemic and global supply chain disruptions. Gardner, who has been with CalAmp since 2020, oversaw various strategic changes, including the optimization of the company's cost structure and the divestment of non-strategic businesses.