Qualstar: Fiscal 1Q20 Financial Results

(in $ million)	1Q19	1Q20	Growth
Revenue	2.9	2.1	*-28%*
Net income (loss)	(0.1)	2.6	(0.2)

Founded in 1984, Qualstar Corporation, in storage solutions and power supplies, announced its financial results for the three months ended March 31, 2020.

For 1FQ20 vs. 1FQ19

Net revenue decreased 28.1% to $2,054 from $2,856
Total operating expenses increased 6.4% to $834 from $784
Net loss of $156 or ($0.08) per basic and diluted share vs. net income of $141 or $0.07 per basic and diluted share

“We are disappointed with our quarterly results, especially with our power supply subsidiary, which experienced a 45% decline in revenues year over year. We are also experiencing a slowdown of business activity in the current environment. A majority of N2 Power revenue is derived from the gaming industry, which is currently at a standstill with COVID-19. We have taken aggressive measures to reduce our overall cost structure,” said Steven N. Bronson, CEO and president.