CalAmp Corp. (NASDAQ:CAMP) stock plunges 24.77% (As on Dec 22, 11:32:18 AM UTC-4, Source: Google Finance) after the company missed the analysts estimates for the third quarter of FY 22. International revenue totaled $24.2 million or 35% of total revenues for the quarter. Software and subscription services revenue was up 7% year-over-year to $36.6 million or 53% of consolidated revenue, but on a sequential basis it declined from $41.4 million last quarter due to the completion of a large trailer retrofit project. The year-over-year growth in the software and subscription services business benefited from the continuing success in transitioning certain existing telematics device customers to recurring software contracts. For the software and subscription services business, the annual recurring revenue for the trailing 12 months was $85.5 million, up slightly both from $85.2 million in the third quarter of the prior year and from $85.1 million last quarter. Remaining performance obligations in the third quarter were $146.4 million and as compared to $136.3 million in the prior quarter and $124.3 million in the prior year quarter.

Moreover, Telematics products revenue in the third quarter was down 28% year-over-year and 14% sequentially to $32.2 million. Although customer demand remained strong across all regions, the ongoing global supply chain constraints continue to limit the ability to source critical components necessary to meet all demand for the telematics devices. The largest customer represented $14.4 million in revenue for the quarter, which is up 3% sequentially from $14 million last quarter and down from $16.4 million in the same quarter a year ago, due primarily to supply constraints. Demand remained strong at this customer in support of their 3G to 4G upgrade cycle.

CAMP in the third quarter of FY 22 has reported the adjusted loss per share of 8 cents, missing the analysts’ estimates for the adjusted loss per share of 1 cents, according to the Zacks Consensus Estimate. The company had reported 12 percent fall in the adjusted revenue growth to $66.78 million in the third quarter of FY 22, beating the analysts’ estimates for revenue by 3.27%. The company is down sequentially as expected due to the completion of a major trailer retrofit program with the large package delivery customer last quarter. Software revenues represented 53% of total consolidated revenue, the second quarter in which they have exceeded 50%. At the end of the third quarter, the company had total cash and cash equivalents of approximately $91 million as compared to $101 million last quarter.