GAAP total net loss for the first quarter of 2015 was $3.4 million compared with GAAP total net loss of $3.9 million in the fourth quarter of 2014 and GAAP total net loss of $5.5 million in the first quarter of 2014 (which included $0.4m of net income from discontinued operations).Īdjusted EBITDA loss for the first quarter of 2015 was $2.3 million compared with $2.3 million in the fourth quarter of 2014 and $4.8 million in the first quarter of 2014. Total revenue in the first quarter of 2015 was $16.6 million compared with $17.2 million in the fourth quarter of 2014 and $17.6 million in the first quarter of 2014 (from continuing operations). Open Mobile (OM) revenue for the first quarter of 2015 was $15.3 million compared with $15.2 million in the fourth quarter of 2014 and $13.6 million in the first quarter of 2014. Darin Vickery, currently the Corporate Controller, has been appointed CFO effective June 1, 2015. Karen Willem, CFO, will be staying through the end of June 2015 to facilitate the restructuring and assist in the management transition. Included in the restructuring are four executive officers: the Chief Financial Officer the Chief Marketing Officer the Chief Technology Officer and the Vice President of Worldwide Sales. Combined with other management cost reduction efforts, iPass expects to reduce per-quarter operating expenses by approximately $2.0 million. The restructuring will reduce headcount globally by 14%, eliminate 19 management positions of director or above, and result in a charge in the range of $2.7 million to $3.2 million in the second quarter of 2015. The restructuring is intended to flatten the organization, create a more nimble sales and delivery infrastructure to support a SaaS go-to-market strategy, and accelerate the time frame in which the company can become cash flow break-even. ( NASDAQ: IPAS), the world's largest commercial Wi-Fi network, today announced financial results for the first quarter 2015. REDWOOD SHORES, CA-(Marketwired - May 7, 2015) - iPass Inc.

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