Shares of CUI Global Inc (NASDAQ:CUI) rose by double-digits in pre-market trading Thursday a day after the company reported revenue of $23 million in the first quarter, up from $22.0 million in the year-ago period.
CUI’s stock recently traded up 25% to $1.55.
The Tualatin, Oregon-based energy and technology company said it ended the quarter with cash and cash equivalents of $800,000, with restricted cash of $500,000.
CUI Global also reported a narrowing consolidated net loss of $3 million, compared to a loss of $3.3 million in the same quarter of 2018. The company said it produced a gross profit of $7.7 million, compared to $6.6 million.
The company also said its power and electromechanical (P&EM) segment's unaudited backlog was $19.6 million as of March 31, compared to $21.8 million at the end of December 2018.
And the energy segment's unaudited backlog was $13.4 million, compared to $15.7 million at December’s end, the company said in a statement.
"Our first quarter results reflect continued strength in our P&EM segment and the fruits of business development initiatives in our Energy segment focused on the buildout of energy services infrastructure in the US," said CEO William Clough.
--Updates pre-market stock price--
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