In This Story
Iveda Solutions, 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 net revenue to $2.40 million from $0.87 million in the same quarter the previous year. This increase is attributed to higher equipment sales from Iveda Taiwan (IVDA-9.93%).
Cost of revenue for the quarter was $1.99 million, representing 83% of revenue, compared to 84% in the same quarter of the previous year. The slight increase in gross margin is due to higher-margin equipment and service revenue for new customers.
The company reported a loss from operations of $0.60 million for the quarter, compared to $0.91 million in the previous year, with the decrease attributed to increased revenues and reduced operating expenses.
Other income for the quarter was $27,363, primarily from interest income, compared to $54,303 in the previous year.
Net loss for the quarter was $0.57 million, down from $0.85 million in the previous year. The decrease is primarily due to increased revenues and related gross margins.
Cash and cash equivalents were $3.6 million as of September 30, 2024, compared to $4.8 million as of December 31, 2023. This decrease is related to operating losses offset by a sale of common stock and pre-funded warrants.
Iveda continues to focus on its AI intelligent video search technology and IoT devices, leveraging existing infrastructure for smart city deployments.
The filing also details various financial agreements and the company's strategy to partner with service providers to leverage their customer base for dual revenue streams from hardware sales and licensing fees.
The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Iveda Solutions Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.