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Techpoint, 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 $18,486,000 from $17,511,000 in the same quarter the previous year. This increase is attributed to higher shipment volumes in the automotive and security surveillance markets.
Cost of revenue for the quarter was $8,690,000, representing 47% of sales, compared to 47% in the same quarter of the previous year. Gross margin remained steady at 53%.
The company reported a gross profit of $9,796,000 for the quarter, compared to $9,368,000 in the previous year.
Research and development expenses increased to $2,583,000 from $1,803,000, primarily due to higher tape-out expenses for new product development.
Selling, general, and administrative expenses increased to $2,404,000 from $2,255,000, primarily due to increased professional service costs.
Net income for the quarter was $5,052,000, down from $5,195,000 in the previous year.
Cash provided by operating activities was $10,753,000, while cash used in investing and financing activities was $31,073,000 and $9,306,000, respectively.
Techpoint had cash and cash equivalents of $46,191,000 as of September 30, 2024. The company expects its existing cash and cash equivalents, along with cash generated from operations, to be sufficient to meet its anticipated cash needs for at least the next 12 months.
The filing also details various financial components, including significant customer and supplier concentrations, and new accounting pronouncements.
The company continues to focus on expanding its operations and investing in research and development to support growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Techpoint Inc. JPDR quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.