Executive Summary

Revenue was $6.88M, down 7.1% year over year from $7.41M and down sequentially from $7.73M; net loss widened to $1.507M (−$0.63 EPS) vs. −$0.18 EPS a year ago as interest and operating losses weighed on results .
Results included $0.617M of non‑cash interest expense from amortization of debt discount, intensifying the quarterly loss .
Liquidity and equity improved post‑quarter via a $2.7M sale of Series A Preferred Stock (put/call up to an additional 700k shares), enabling NASDAQ compliance to be regained and closed by NASDAQ’s listing review panel—key stock reaction catalysts .
No formal financial guidance (revenue/EPS/margins) was provided in the quarter’s materials .

What Went Well and What Went Wrong

What Went Well

Closed capital raise: “We are pleased to have completed this capital raise which enables Dataram to grow and continue to be competitive in the marketplace.” — John H. Freeman, CEO .
Additional liquidity access: “With the $2,700,000 raise and the ability to draw on an additional approximately $3,500,000 of working capital… the Company is positioned to fund future customer orders…” — John H. Freeman .
NASDAQ compliance regained; securities continue to trade on NASDAQ Capital Market, closing the listing review—reducing near‑term listing risk .

What Went Wrong

Top line softness and margin pressure: Q2 revenue fell to $6.88M vs. $7.41M YoY and $7.73M in Q1, consistent with prior commentary on 13% industry‑wide decline in material cost per GB driving lower ASPs .
Losses widened: net loss was −$1.507M vs. −$0.338M YoY, with operating loss −$0.811M and other expense −$0.696M (including $0.617M non‑cash interest amortization) .
Tight liquidity at quarter‑end: cash was $0.033M, equity fell to $0.478M, and accounts payable rose to $2.249M, highlighting balance sheet strain prior to the preferred financing .

Financial Results

Income Statement trend (oldest → newest)

Metric	Q2 2014 (Oct 31, 2013)	Q1 2015 (Jul 31, 2014)	Q2 2015 (Oct 31, 2014)
Revenue ($USD Millions)	$7.410	$7.725	$6.880
Cost of Sales ($USD Millions)	$5.841	$6.476	$5.872
Loss from Operations ($USD Millions)	−$0.258	−$0.561	−$0.811
Other (Expense) ($USD Millions)	−$0.080	−$0.196	−$0.696
Net Loss ($USD Millions)	−$0.338	−$0.760	−$1.507
Basic/Diluted EPS ($USD)	−$0.18	−$0.32	−$0.63
Weighted Avg Shares (000s)	1,899	2,411	2,411

Q2 2015 actual vs. consensus

Metric	Q2 2015 Actual	Q2 2015 Consensus	Surprise
Revenue ($USD Millions)	$6.880	Unavailable (S&P Global)	N/A
Primary EPS ($USD)	−$0.63	Unavailable (S&P Global)	N/A

Note: Consensus estimates were unavailable from S&P Global at the time of request; comparisons to Wall Street consensus cannot be assessed.

Segment breakdown

Item	Detail
Business Segment	Company operates in one segment (memory products) .
Geography (Q1 2015)	United States $6.631M; Europe $0.939M; Other $0.156M .

KPIs and liquidity (balance sheet)

Metric ($USD Millions)	Apr 30, 2014	Jul 31, 2014	Oct 31, 2014
Cash & Cash Equivalents	$0.258	$0.135	$0.033
Accounts Receivable (net)	$3.663	$3.315	$2.961
Inventories	$2.291	$2.021	$2.072
Note Payable – Revolving Credit	$2.970	$2.424	$2.616
Accounts Payable	$1.438	$1.479	$2.249
Stockholders’ Equity	$1.985	$1.980	$0.478

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial Guidance (Revenue/EPS/Margins)	Q2 2015	None disclosed	None disclosed	Maintained (no formal guidance)
Listing Compliance Plan	FY 2015	At risk of non‑compliance; plan to sell preferred	Closed $2.7M Series A Preferred; NASDAQ compliance regained	Improved

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2015 and prior)	Current Period (Q2 2015)	Trend
Liquidity/Capital	Entered $750k subordinated convertible bridge notes; planned Series A Preferred to regain NASDAQ compliance	Closed $2.7M Series A Preferred; put/call up to 700k additional shares; compliance regained	Improving access to capital; listing risk reduced
Pricing/Macro	13% industry‑wide decline in material cost per GB pressured ASPs	YoY revenue down; cost of sales elevated; margins pressured	Ongoing margin headwind
Product/Software	Technological feasibility established; $0.142M dev costs capitalized (Intelligent Caching Software)	Continued development with $0.223M capitalized in Q2	Continued execution on software initiative
Governance/Board	—	New directors elected alongside financing	Governance refreshed
NASDAQ Listing	Notified by NASDAQ of deficiency; sought hearing	NASDAQ confirms compliance and closes review	Resolved risk

Note: No Q2 2015 earnings call transcript was available; themes reflect press releases and filings search coverage [ListDocuments results showed no transcript for the period].

Management Commentary

“We are pleased to have completed this capital raise which enables Dataram to grow and continue to be competitive in the marketplace.” — John H. Freeman, CEO .
“With the $2,700,000 raise and the ability to draw on an additional approximately $3,500,000 of working capital and the expense cutting actions… the Company is positioned to fund future customer orders…” — John H. Freeman .
On NASDAQ: “We are glad to have this behind us and with the proceeds from the sale of the Series A Preferred we expect to remain in compliance for the foreseeable future.” — John Freeman, CEO .
On Q1 macro backdrop: “The primary factor impacting our financial results was a 13% industry wide decline in material cost per gigabyte… Despite these industry wide challenges, we continue to see signs of revenue growth through our new partnerships…” — John H. Freeman .

Q&A Highlights

No Q2 2015 earnings call transcript or Q&A was found for USAU/Dataram in the period. Searched SEC/press archives and transcripts; none available [ListDocuments showed 0 earnings-call-transcript for 2014–2015].

Estimates Context

S&P Global consensus for Q2 2015 revenue and EPS was unavailable at the time of request due to data access limits; as a result, beat/miss vs. Street cannot be assessed here. Values would normally be retrieved from S&P Global.

Key Takeaways for Investors

Liquidity improved post‑quarter via $2.7M preferred financing and access to an additional $3.5M revolver capacity, reducing near‑term listing and funding risk .
Despite financing, operational cash remained tight at quarter‑end (cash $0.033M; equity $0.478M), underscoring urgency to stabilize margins and working capital .
Top‑line pressure and gross margin headwinds persisted, consistent with industry ASP declines; watch for pricing stabilization and mix improvements to lift operating leverage .
Non‑cash interest expense from debt discount amortization ($0.617M) significantly impacted the quarter; as financing terms normalize, reported losses should better reflect core operations .
Continued investment in Intelligent Caching Software (capitalized dev costs) could diversify revenue/margin profile if commercialization scales; monitor product milestones and opex discipline .
Governance refresh and NASDAQ compliance removal of overhang can catalyze sentiment; further tranches of preferred (up to 700k shares) represent dilution/financing path—track execution pace and use of proceeds .
Near‑term trading implications: sensitivity to liquidity headlines and any signs of margin stabilization; medium‑term thesis depends on sustained revenue growth, improved cost structure, and successful software initiative rollout .

Citations:

U.S. GOLD CORP. (USAU)·Q2 2015 Earnings Summary