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Vislink Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $7.1 million, a slight decrease from $7.2 million in the same quarter the previous year. However, for the nine months ended September 30, 2024, revenue increased to $24.4 million from $19.4 million in 2023.
Cost of components and personnel rose to $3.5 million for the quarter, compared to $3.3 million in the previous year. For the nine months ended September 30, 2024, these costs increased to $10.8 million from $9.0 million in 2023.
General and administrative expenses were $5.1 million for the quarter, up from $4.8 million in the previous year. For the nine months, these expenses increased to $16.3 million from $14.5 million.
Research and development expenses increased to $1.2 million for the quarter, compared to $0.8 million in the previous year. For the nine months, these expenses rose to $2.9 million from $2.5 million.
The company reported a net loss of $3.0 million for the quarter, compared to a net loss of $1.9 million in the previous year. For the nine months, the net loss was $6.2 million, down from $6.8 million.
Cash used in operating activities was $4.0 million for the nine months ended September 30, 2024. The company had $3.2 million in cash and cash equivalents as of September 30, 2024.
Vislink invested $0.9 million in federal bonds during the first quarter of 2024, with no additional investments in the second and third quarters. The company held $6.0 million in federal bonds as of September 30, 2024.
The filing also details restructuring initiatives, including workforce reductions and the transfer of manufacturing operations to New Jersey, expected to result in cost savings of $4.9 million.
Vislink identified material weaknesses in its internal controls over financial reporting due to insufficient accounting personnel and inadequate documentation of internal control assessments.
The company continues to focus on its live broadcast, military, and government solutions, emphasizing operational efficiency and strategic growth initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vislink Technologies Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.