IRT Corp. reported a $1.1-million net loss and $11.9 million in revenue for the fourth quarter ended March 31. The San Diego-based company reported a $2.7-million net loss and $13 million in revenue during the same quarter a year ago.
IRT reported a $576,000 net loss and revenue that rose 12% to $42.6 million for the year ended March 31, IRT said Thursday. The company reported a $4.4-million net loss for the previous fiscal year.
The past year's losses were generated by write-offs on terminated contracts, deferred overhead expenses and development costs for a printed circuit board inspection system.
Customers have accepted delivery on 10 of IRT's CXI systems that use X-ray cameras and artificial intelligence to inspect printed circuit boards. IRT has shipped an additional CXI unit valued at $550,000 to Hughes Aircraft, but the company has yet to accept delivery.