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Acorn Energy Inc (ACFN+1.45%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Acorn's operations through its OmniMetrix subsidiary, which focuses on technology-driven solutions for energy infrastructure asset management. OmniMetrix operates in two segments: Power Generation (PG) and Cathodic Protection (CP).
For the year ended December 31, 2024, Acorn reported total revenues of $10,986,000, an increase from $8,059,000 in 2023. The PG segment contributed $9,882,000, while the CP segment contributed $1,104,000.
The company reported a gross profit of $7,999,000 for 2024, compared to $6,004,000 in the previous year. The gross margin was 73%, slightly lower than the 74% margin in 2023 due to a higher volume of hardware sales.
Research and development expenses increased to $1,012,000 in 2024 from $875,000 in 2023. Selling, general, and administrative expenses remained relatively stable at $5,050,000.
Operating income for the year was $1,937,000, up from $74,000 in 2023. This increase was primarily due to higher revenues and controlled expenses.
Acorn recorded a net income of $6,322,000 for 2024, significantly higher than $129,000 in the previous year. This was largely due to a deferred income tax benefit of $4,435,000 resulting from a partial release of the company's valuation allowance.
As of December 31, 2024, Acorn had cash of $2,326,000 and working capital of $1,115,000. The company expects its cash and cash generated from operations to be sufficient for its needs for at least the next twelve months.
The filing also notes that OmniMetrix launched new hardware products in 2023 that allow for distinct hardware and monitoring services, impacting revenue recognition.
Acorn's management acknowledges the existence of material weaknesses in internal controls over financial reporting and is taking steps to address these issues.
The company does not anticipate paying cash dividends to common stockholders in the near future, as it intends to reinvest earnings to support business growth.
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 annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.