HTC's latest earnings figures continue to illustrate the manufacturer's downfall in recent years. The Taiwanese vendor posted an overall revenue of NT$14.8 billion ($463 million), a drastic 64% decrease from the NT$41.52 billion ($1.3 billion) it managed in Q1 2015. Operating loss for the quarter was at NT$4.8 billion ($150 million), a far cry from the NT$360 million ($11.6 million) profit recorded during the same period last year.

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The manufacturer is now looking to the HTC 10 as well as the Vive to boost sales heading into Q2, with both products not accounted for in the first quarter earnings. Chairwoman and CEO Cher Wang said that HTC will continue to streamline and optimize:

We have been working hard to lay the groundwork over the past year, streamlining processes and optimizing resources to enable us to develop the best products in the most effective way.

HTC is betting big on virtual reality, and has invested $100 million to boost the VR content ecosystem.