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Acorn Energy, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $3,050,000 from $2,087,000 in the same quarter the previous year. This increase is attributed to hardware sales under a new contract with a major cell phone provider.
Cost of goods sold for the quarter was $863,000, representing 28% of sales, compared to 26% in the same quarter of the previous year. This increase in cost ratio is due to a higher volume of hardware sales.
The company reported a gross profit of $2,187,000 for the quarter, compared to $1,550,000 in the previous year, with the increase attributed to higher hardware sales.
Selling, general, and administrative expenses decreased to $1,197,000 from $1,330,000, primarily due to reduced personnel expenses and lower travel costs.
Net income for the quarter was $734,000, up from $27,000 in the previous year. After accounting for non-controlling interests, net income attributable to Acorn stockholders was $725,000, compared to $24,000 in the previous year.
Cash provided by operating activities was $739,000, while cash used in investing and financing activities was $48,000 and $13,000, respectively.
Acorn had a working capital of $277,000 as of September 30, 2024. The company expects its cash and cash generated from operations to be sufficient for its activities for at least the next twelve months.
The filing also details a significant contract with a major cell phone provider, expected to generate approximately $5 million over its term.
Acorn does not anticipate the need for additional financing in the near future but may consider it for further investments.
The company identified material weaknesses in its internal controls over financial reporting, particularly in IT general controls, and is implementing remediation actions.
Acorn continues to focus on its OmniMetrix (ACFN-1.51%) subsidiary's growth in the power generation and cathodic protection markets, with an emphasis on expanding its product line and customer base.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Acorn Energy Inc quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.