DragonWave Inc.'s revenues grew by 67.2 per cent and losses tightened in fiscal 2008, as the Ottawa-based wireless Ethernet equipment maker saw stronger sales to customers outside North America.

The company said revenues increased to $40.4 million from $24.2 million a year earlier, while net loss narrowed to $8.3 million or 35 cents per share from $10.7 million or $2.96 per share. Gross margin also strengthened year over year, to 38.2 per cent from 33.3 per cent.

"DragonWave made good progress during the year as we've continued to execute our strategy. We've seen very strong growth in all markets, but particularly outside North America, while continuing to improve our gross margins," said DragonWave CEO Peter Allen in a statement. "We have captured 50 new customers and we are seeing excellent traction for our Horizon product line. We continue to be well-positioned as a leader in the high-growth IP (Internet protocol) Ethernet-based, high-capacity wireless backhaul equipment market."

The company said revenue from customers outside of North America more than doubled to $12.3 million from $4.8 million, although growth for its North American sales was also strong at 45 per cent, to $28.1 million. All in all, DragonWave snagged 50 new customers who drove $7 million in sales growth for the year.

The company noted that a large part of its revenues were accounted for by a single large U.S.-based customer, which contributed 27 per cent, or $10.7 million of DragonWave's revenue during fiscal 2008. However, DragonWave also said that that proportion decreased from a year earlier, when the customer accounted for 41 per cent or $10 million of total sales.

For the fourth quarter alone, revenue grew by 30.5 per cent to $10.3 million, while net loss fell to $2.2 million or eight cents per share, from $2.7 million or 74 cents per share.