QBAK - Qualstar Reports Fiscal 2020 First Quarter Results

Qualstar Corporation (OTC Markets: QBAK), a leading manufacturer of data storage solutions and high-efficiency power supplies, today announced its financial results for the three months ended March 31, 2020.

(All amounts are in thousands, except per share data):

Results for the Three Months Ended March 31, 2020 vs. 2019

• Net revenue decreased 28.1% to $2,054 from $2,856
• Total operating expenses increased 6.4% to $834 from $784
• Net loss of $156 or ($0.08) per basic and diluted share vs. net income of $141 or $0.07 per basic and diluted share

"We are disappointed with our quarterly results, especially with our power supply subsidiary, which experienced a 45% decline in revenues year over year. We are also experiencing a slowdown of business activity in the current environment. A majority of N2 Power revenue is derived from the gaming industry, which is currently at a standstill with COVID - 19. We have taken aggressive measures to reduce our overall cost structure,” said Steven N. Bronson, CEO and President of Qualstar.

About Qualstar Corporation

Qualstar, founded in 1984, is a diversified electronics manufacturer specializing in data storage and power supplies. Qualstar is a leading provider of high efficiency and high-density power supplies marketed under the N2Power™ brand, and of data storage systems marketed under the Qualstar™ brand. Our N2Power power supply products provide compact and efficient power conversion for a wide variety of industries and applications including, but not limited to, telecom, networking, broadcast, industrial, lighting, gaming and test equipment. Our Qualstar data storage products are used to provide highly scalable and reliable solutions to store and retrieve very large quantities of electronic data. Qualstar’s products are known throughout the world for high quality and Simply Reliable™ designs that provide years of trouble-free service. More information is available at www.qualstar.com or www.n2power.com or by phone at 805-583-7744.

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