MoSys Inc (NASDAQ:MOSY) reported that it has obtained a notification from the NASDAQ Stock Market LLC stating the firm that it has reclaimed compliance with the NASDAQ’s minimum bid price continued listing guideline. The letter stated that, as of November 28, 2017, the firm showed a closing bid price of its shares in excess of the $1 minimum requirement for the preceding ten successive trading days.
MoSys marks as a fabless semiconductor firm allowing major equipment manufacturers in the networking, data center, communications and security systems markets to resolve the continual increase in data, services and Internet users. Commenting on the third quarter performance, Len Perham, the CEO and President of MoSys, stated that they have recorded considerable progress over the preceding six months leading revenue growth while lowering costs, leading in a sequential increase of product revenue and a 38% decline in operating expenses.
Their revenue growth in Q3 2017 was mainly led by increased shipments to their largest Bandwidth Engine 2 clients. More particularly, the design wins with their major lead security-appliance client entered production in 2017, and have remained a notable driver of their increased revenue this past year.
As part of their close deal with their lead customers, they have advanced a robust backlog that extends out through 2018. Their design win platforms are extremely differentiated and showcase long life cycles; hence, they project client production shipments for prevailing design wins to sustain over the imminent five to seven years. The orders recorded to date and visibility offered by their lead clients validate the importance of their design successes and the value that their technology offers to their customers’ products. They believe that they have a top level of predictability for their continued revenue increase for Q4 2017, and for their base revenue run rates for next year.