Palm has released the Q1 figures for 2010 fiscal year, and as the case is with most mobile phone makers these days, it’s a mix of good and bad news.

Palm logo

On the good side, Palm reports that they’ve managed to ship roughly 823,000 devices in Q1. They didn’t go into specifics here, but it probably goes without question that most of these are the new Palm Pre. That basically amounts to $2.8 million in gross profit on $68 million of revenue, and that’s still a conservative figure limited by GAAP. Given that Palm also uses a subscription accounting system similar to what Apple is doing with their iPhone, the unadjusted figures go as high as $100.6 million gross profit on $360.7 million revenue.

However, looking at the flip side of the coin, we get to discover that there's also a lot not to be cheery about. GAAP-based net loss for Q1 is pegged at $164.5 million while non-GAAP loss is at $13.6 million. It becomes even more less appealing when compared with figures from the same quarter of last year. Revenue in Q1 2009 was higher at $368 million and net loss was just $41.9 million (GAAP)/$12.8 million (non-GAAP). Needless to say, there's still a lot more that needs to be done before they can pop the champagne and start celebrating.

On a similar note, it’s now official that there won’t be any Windows Mobile-powered Palm phones from here on end. Palm’s entire universe is now circling around the webOS platform which, in turn, essentially makes the Palm Treo Pro their last Windows Mobile smartphone.