Fusion-io posted its first quarter financial results today. The flash storage supplier delivered stellar results but provided a weak guidance that sent its stock spiraling down on the New York Stock Exchange.

Fusion-io sold $118.1 million worth of SSDs in the first quarter of fiscal 2013, an increase of 59 percent on a year-over-year basis and 11 percent sequentially.  The company earned a non-GAAP income of $14.9 million, or 14 cents a share, 52 percent more than in the same period last year. Excluding one-time items, Fusion-io only made $3.9 million or 4 cents a share, compared to the $7.2 million it reported for 1Q2012.

Operating expenses were down 5 percent this quarter at $47.2 million. The company spent $1.5 million on R&D and $1.7 million on marketing. Fusion-io expects things to remain pretty much the same for the next quarter, citing an earlier-than-expected inventory change.

“For the fiscal second quarter of 2013, we expect revenue to be essentially flat sequentially, as context, we fulfilled approximately $10 million in the first quarter to a key customer that we had originally expected to fall into the second quarter,” said Dennis Wolf, Fusion-io’s CTO and executive vice president, during the earnings call.

FIO traded declined as much as 12 percent to $23.98 in late trading, but the price has started recovering. The company’s stock currently sits at just over $24.3.

Flash is huge. And it’s not just Fusion-io – rival Violin Memory announced its intentions to go public last week. The storage company hired JPMorgan Chase & Co. (JPM), Deutsche Bank AG (DBK) and Bank of America to handle the proceedings but did not disclose the time; early reports suggest that the IPO could raise the company’s valuation to as much as two billion dollars.