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Vaso Corporation has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details Vaso's operations across three business segments: IT, professional sales services, and equipment. The IT segment focuses on healthcare IT and managed network technology services. The professional sales service segment primarily deals with the sale of healthcare capital equipment for GE Healthcare (GE+1.69%). The equipment segment involves the design, manufacture, sale, and service of proprietary medical devices.
Total revenue for the quarter was $20,769,000, an increase from $19,449,000 in the same quarter of the previous year. The IT segment contributed $11,082,000, the professional sales service segment $9,114,000, and the equipment segment $573,000.
Gross profit for the quarter was $11,756,000, representing 57% of total revenue. The IT segment reported a gross profit of $4,111,000, the professional sales service segment $7,276,000, and the equipment segment $369,000.
Operating loss for the quarter was $1,393,000, compared to an operating income of $907,000 in the previous year. The IT segment had an operating loss of $695,000, the professional sales service segment had an operating income of $1,531,000, and the equipment segment had an operating loss of $223,000.
Net loss for the quarter was $1,181,000, compared to a net income of $1,198,000 in the previous year. Basic and diluted loss per share was $0.01.
Cash and cash equivalents at the end of the period were $26,841,000, with a working capital of $12,822,000.
The filing also reports the termination of the Business Combination Agreement with Achari Ventures Holdings Corp. I, which was announced on September 17, 2024.
Vaso Corporation continues to focus on its core business segments and seeks opportunities to increase stockholder value through internal growth and strategic investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vaso Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.