Revolution Lighting Technologies, Inc. announced financial results for the second quarter and for the six months ended June 30, 2017. For the quarter, the company reported total revenue was $43.4 million, compared to $43.1 million in second quarter of 2016. The increase in revenue reflects an overall increase in unit sales, as the demand for LED lighting continues to rise. Revenue growth was impacted by lower prices in certain retrofit and related-LED products in 2017 when compared to same period for 2016. Adjusted EBITDA was $3.2 million and in line with expectations. The company reported operating income of $0.1 million as compared to a loss of $0.6 million in the same period in 2016, as a result of an increase in gross profit margin offset by higher overall operating costs primarily relating to investment in additional sales and marketing resources. Reported GAAP net loss was $0.7 million compared to a loss of $1.1 million for the comparable period in 2016, and reflect the aforementioned. Basic and diluted GAAP loss per share attributable to common stockholders was $0.03 for the quarter ended June 30, 2017 as compared to a loss per share of $0.06 for the same period in 2016. Excluding the one-time acquisition, work force reductions and stock-based compensation, the non-GAAP net income per share was $0.03 in 2017 against $0.08 a year ago. Non-GAAP net income was $0.7 million against $1.4 million a year ago.

For the six months, total revenue was $73.9 million, compared to $70.7 million for the comparable period in 2016, representing an increase of 5%. The increase in revenue reflects strong volume growth in product sales, as the demand for LED lighting continues to rise. Adjusted EBITDA was in line with expectations at $2.8 million compared to $4.3 million for the comparable period in 2016. The company reported an operating loss of $4.1 million as compared to a loss of $2.6 million in the same period in 2016, reflecting investment in sales and marketing resources, higher intangible asset amortization charges relating to the 2016 TNT acquisition and an increase in stock-based compensation due to higher stock price. Reported GAAP net loss was $5.7 million compared to a loss of $3.7 million for the comparable period in 2016, and reflect the aforementioned. Basic and diluted GAAP loss per share attributable to common stockholders was $0.27 as compared to a loss per share of $0.21 for the same period in 2016. Excluding the one-time acquisition, work force reductions and stock-based compensation, the non-GAAP net loss per share was $0.12 in 2017 compared to income of $0.02 in 2016. Non-GAAP net loss was $2.5 million against non-GAAP net income of $0.3 million a year ago.

The company provided earnings guidance for the third quarter and for the full year of 2017. For the third quarter, the company expects revenue in the $52 million to $55 million range and Adjusted EBITDA in the 8% to 10% range.

For the full year, The company expects full year 2017 revenue in the $195 million to $205 million range, an increase of 13% to 19% over 2016, Adjusted EBITDA of approximately 10%, and non-GAAP net income (excluding acquisition related costs and stock-based compensation) in the $0.40 to $0.45 per share range. The company expects to have positive free cash flow for the year in the $15 million range.