SGI announced financial results for its second fiscal quarter of 2010 (ended December 25, 2009) this week, and reported a quarterly loss of about $23M (not in the release; you’ll have to go to the SEC filing for that number). This is on top of a loss of $18M in Q1.
Q2 GAAP revenue was $94.1 million, compared to $100.1 million in the prior quarter and $38.8 million in the comparable year ago quarter. Non-GAAP revenue was $151.5 million, compared to $122.7 million in the prior quarter.
Again, keep in mind that the new SGI is comparing the financial results of the combined revenue streams of Rackable and the old SGI to Rackable’s $38.8M — so don’t get too excited about the year over year revenue growth. Gross margins were down to 19.8% from 22.3% from Q1, but up from a year ago.
Q2 GAAP net loss from continuing operations was $0.77 per share, compared to a GAAP net loss of $0.61 per share for the comparable year ago quarter. Q2 non-GAAP net income was $0.18 per share, compared to a non-GAAP net loss of $0.17 per share for the comparable year ago quarter.
Because revenue recognition rules require SGI to spread the income on its servers out over time, the official (“GAAP”) results are worse than you’d find if you looked in their checking accounts (“non-GAAP”; see my article on GAAP/non-GAAP with respect to SGI). As far as the checking account is concerned, the company made $2.4M this quarter.
According to the SEC filing, the new SGI is still significantly dependent upon just a few customers for big slices of its revenues, and those customers are enterprise customers (from the Rackable side), not HPC customers
For the three and six months ended December 25, 2009, Amazon accounted for approximately 19% and 15% of our revenues, respectively. For the three months ended January 3, 2009, Amazon and Microsoft accounted for approximately 28% and 11% of our revenues, respectively. For the six months ended January 3, 2009, Amazon and Microsoft accounted for approximately 48% and 11% of our revenues, respectively.
If you are interested in more detail, Timothy Prickett Morgan at The Register does a good job with this quarter’s financials.