Monday, September 24, 2018

Local Business

Cray posts $11M loss in Q2, ups R&D

  • Cray-logo-072017-jpg

Supercomputer maker Cray posted an $11 million net loss in the three months that ended June 30, according to its most recent quarterly financial filing.

That comes to a 27-cent per share loss for the Seattle-based company, which has manufacturing facilities in Chippewa Falls. In comparison, Cray ended its second quarter of 2017 with a $6.8 million net loss — 17 cents per share.

Despite the continued losses, president and CEO Peter Ungaro remained optimistic about the high-powered computing sector and the company’s future.

“We continue to see signs of improvement in our target market and, although it is still early to predict the extent of the rebound, I remain confident that our market is returning to growth,” he said in a news release. “While we have work left to do, we remain focused on executing on our outlook for the remainder of 2018 and setting the company up for strong long-term growth.”

He also noted that Cray’s recent quarter included advancements in artificial intelligence, installation of several supercomputers and storage systems, and expanded company offerings.

Cray has been spending more on research and development recently, according to the second-quarter financial report. Net R&D costs were $29.4 million in the latest quarter, compared to $17.3 million a year prior.


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