Crossroads Systems, Inc.NASDAQ
Thu, Sep. 8, 4:08 PM
Fri, Jul. 15, 3:00 PM
Fri, Jul. 15, 12:46 PM
Thu, Jun. 23, 3:00 PM
Thu, Jun. 23, 12:45 PM
Wed, Jun. 22, 3:00 PM
Wed, Jun. 22, 12:42 PM
Thu, Jun. 2, 5:56 PM
- Nanocap Crossroads Systems (CRDS +13.7%) is up another 8.3% after it nearly broke even on fiscal Q2 profits vs. an expected loss.
- The company is focused on IP licensing after the March sale of its product business. Excluding product comparisons, IP license revenue was up 10%; gross profit shrank slightly, to $161K (77% of total revenue vs. 92% a year ago).
- Opex was lower as well, at $1.4M, and a net loss came to less than a penny per share, vs. an expected EPS of -$0.12 and a year-ago loss of $0.19.
- Cash and equivalents are at $6.1M.
- Press Release
Thu, Jun. 2, 4:12 PM
Thu, Mar. 24, 12:47 PM
- After dropping slightly yesterday, Crossroads (CRDS -12.6%) is seeing bigger losses today following a Tuesday evening announcement the company is selling its product portfolio and maintenance business (including its StrongBox and SPHiNX storage lines) to Canada's StrongBox Data Solutions (SDSI) for $1.85M in cash.
- Crossroads has also inked a deal with private AQUA Licensing to market and sell its non-'972 patent portfolio (contains 138 patents and pending patents). However, the company "can provide no assurance regarding the timing or value of a transaction, or even if one will occur."
- 27 Crossroads employees have joined SDSI. CEO Richard Coleman declares the SDSI deal will significantly reduce Crossroads' cash burn, and allows it to focus on IP monetization. The company had $7.7M in cash at the end of its January quarter (down $3.9M Q/Q). It struck a deal last fall to obtain $10M in litigation financing for its '972 portfolio.
Thu, Mar. 10, 4:26 PM
- Crossroads Systems (NASDAQ:CRDS): FQ1 EPS of -$0.01 may not be comparable to consensus of -$0.12.
- Revenue of $1.96M (-10.9% Y/Y) beats by $0.11M.
Mon, Feb. 1, 1:10 PM
- Crosssroads (CRDS -22.7%) is now down 67% from Thursday's close, following Friday's news (confirmed in a PR issued after the close) the USPTO ruled (via inter partes reviews) challenged claims in the company's '035 and '147 patents are unpatentable.
- Quantum (QTM -14%) is down 40% since posting an FQ3 miss, issuing soft FQ4 guidance, and disclosing CFO Linda Breard has resigned on Thursday afternoon.
- Crossroads' market cap now stands at $9M, less than the $11.8M cash balance it had as of Oct. 31. Quantum's market cap is down to $125M; the company had $35.6M in cash, $68.9M in long-term debt, and $69.1M in convertible subordinated debt as of Dec. 31.
Fri, Jan. 29, 4:28 PM
- In a PR released after the close, Crossroads (NASDAQ:CRDS) says the USPTO's Patent Trial & Appeal Board (PTAB) rendered five decisions on inter partes reviews (IPRs) of claims in Crossroads '035 and '147 patents.
- One of the two IPRs for the '035 patent "confirmed the validity of all patent claims subject to that IPR," while the other "stated such claims are unpatentable." Decisions for the three IPRs related to the '147 patent "each stated that all patent claims subject to each respective IPR are unpatentable."
- Crossroads is "reviewing these decisions and will consider future actions accordingly." It expects a final decision regarding one other IPR proceeding by March 17. Shares fell 59.2% today in response to the USPTO rulings.
- Earlier: Crossroads down 47.8% after USPTO rules certain patent claims unpatentable
Fri, Jan. 29, 11:07 AM
- In a final written decision (.pdf) for an inter partes review launched at Oracle and NetApp's request, the USPTO's Patent Trial & Appeal Board (PTAB) has ruled claims 14-39 of Crossroads' (NASDAQ:CRDS) '147 patent (USPTO filing) are unpatentable.
- Crossroads, which has sued Oracle, NetApp, Cisco, and others for infringement in a Western Texas federal court, has plunged below $0.50. The company's market cap stands at $12M.
Dec. 14, 2015, 4:21 PM
- Crossroads Systems (NASDAQ:CRDS): FY15 EPS of -$0.48 vs. -$0.69 in FY14
- Revenue of $7.82M (-29.9% Y/Y)
Nov. 2, 2015, 7:18 PM
- A group led by Austin-based IP investment firm Techquity has provided Crossroads (NASDAQ:CRDS) with $10M in litigation financing for its '972 patent portfolio. Investors will receive a share of the proceeds stemming from monetization of the patent portfolio.
- $2.7M of the proceeds have been used to retire a credit facility. The rest will fund future litigation expenses, and bring Crossroads' total cash balance (as of Oct. 31) to $11M.
- CEO Richard K. Coleman, Jr.: "This financing supports our ongoing patent infringement litigation against NetApp, Oracle, Cisco, Quantum, and Dot Hill as well as the repayment of 100% of our outstanding debt. As a result of the financing, we believe Crossroads has secured the capital necessary to execute our business strategy..."