In This Story
Vaso Corp (VASO+2.23%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $86,767,000, an increase from $81,024,000 in the previous year. The increase is attributed to higher revenues in both the IT and professional sales service segments.
Revenues in the IT segment rose to $42,954,000 from $40,371,000, due to an increase in managed network services revenue. The professional sales service segment saw revenues increase to $41,335,000 from $37,820,000, primarily due to a higher volume of GEHC equipment deliveries.
The equipment segment reported a decrease in revenues to $2,478,000 from $2,833,000, attributed to lower domestic sales and negative foreign exchange impacts.
Gross profit for the year increased to $52,050,000 from $50,593,000, with a gross margin of 60.0%, down from 62.4% in the previous year. The decrease in gross margin is mainly due to lower margins in the IT and equipment segments.
Operating income was $285,000, a significant decrease from $4,195,000 in the previous year, primarily due to increased operating expenses related to the proposed Achari business combination.
Net income for the year was $951,000, down from $4,805,000 in the previous year, with the decline attributed to higher operating expenses.
Vaso Corp's cash and cash equivalents increased to $26,371,000 at the end of 2024, compared to $11,342,000 at the end of 2023, primarily due to cash provided by investing activities.
The filing also details the termination of a business combination agreement with Achari Ventures Holdings Corp. I, resulting in transaction costs that impacted financial results.
Vaso Corp operates in three segments: IT, professional sales services, and equipment. The company continues to focus on expanding its product and service offerings and maintaining its agreement with GE HealthCare Technologies, Inc. (GEHC) through December 31, 2026.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vaso Corp annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.