Cloudastructure revenue rises 78% to $1.315 million

• Cloudastructure reported Q1 revenue of $1.315 million, up 78%, while gross profit increased 115% to $710,000.
• Cloudastructure shares were up about 5.8% at $0.42 in premarket trading following the filing.
• Subscription revenue reached $638,000, implying an annualized recurring-revenue rate of approximately $2.6 million.

Cloudastructure (NASDAQ:CSAI) reported Q1 revenue of $1.315 million, up 78%, while gross profit increased 115% to $710,000.

Net loss widened to $2.774 million from $2.015 million as operating expenses increased to $3.313 million.

The company corrected preferred-stock accounting errors and revised earlier financial presentations without changing operating loss or cash flows.

Cloudastructure exchanged 1,170 Series 2 shares for a $1.2999 million unsecured note and fixed the remaining shares’ conversion price at $0.40.

Following the announcement, Cloudastructure's share price was up 5.8% at approximately $0.42 in premarket trading.

Subscription revenue reached $638,000, implying a $2.6 million annualized rate, while hardware and installation revenue totaled $677,000.

Cloudastructure serves eight of the ten largest NMHC-ranked property managers and is expanding into commercial, construction, transportation and logistics markets.