LogicMark Inc. (LGMK) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported revenues of $9.9 million for the year, a slight decrease from the $9.93 million reported in 2023. The cost of goods sold was $3.29 million, resulting in a gross profit of $6.62 million.
Operating expenses totaled $14.29 million, down from $21.99 million in the prior year. This decrease was primarily due to a goodwill impairment charge of $7.8 million recorded in 2023.
LogicMark reported an operating loss of $7.67 million, compared to an operating loss of $15.33 million in 2023. The net loss for 2024 was $9 million, an improvement from the net loss of $14.55 million in the previous year.
The company ended the year with $3.8 million in cash and cash equivalents, down from $6.4 million at the end of 2023. Working capital decreased to $3.3 million from $6 million.
LogicMark completed a public offering in February 2025, raising $14.4 million in gross proceeds. The company plans to use the funds for product development and general corporate purposes.
The company identified key risks, including its dependence on government contracts, potential cybersecurity threats, and competition in the personal emergency response systems market.
LogicMark's management believes that its current cash position and the proceeds from the recent offering will be sufficient to sustain operations for the next year.
The company continues to focus on expanding its product offerings and strengthening its position in the healthcare and direct-to-consumer markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LogicMark Inc. annual 10-K report dated March 31, 2025. To report an error, please email [email protected].