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Track Group Inc (TRCK+1.00%). has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports total revenue of $36,886,500, an increase from $34,475,865 in the previous year, primarily due to higher monitoring services revenue.
Cost of revenue increased to $19,677,456 from $19,178,790, attributed mainly to higher device repair and server costs.
The company reported a gross profit of $17,209,044, with a gross margin of 47%, compared to a gross profit of $15,297,075 and a gross margin of 44% in the prior year.
Operating expenses rose to $19,093,528 from $16,840,888, driven by increased general and administrative expenses, including a settlement related to a contract dispute.
Net loss for the fiscal year was $3,081,414, compared to a net loss of $3,391,508 in the previous year.
The company noted a tax benefit of $589,453 for the year, compared to a tax expense of $627,850 in the prior year.
Track Group's total debt obligations as of September 30, 2024, were $42,639,197, with a maturity extension to July 1, 2027.
The company continues to focus on its core business of leasing tracking and monitoring solutions with a strategy to expand its device-agnostic platform and enhance customer experience.
Track Group also reported a decrease in cash flow used in investing activities, primarily due to reduced purchases of monitoring equipment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Track Group Inc annual 10-K report dated December 23, 2024. To report an error, please email earnings@qz.com.