Acorn’s Q3 Revenue Rose 46% to $3.05M and EPS Rose to $0.29 vs. $0.01, Inclusive of the Initial Benefit of 2-Year Contract for Remote Monitoring of Backup Generators for Cell Towers
AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE DATA) Nine months endedSeptember 30, Three months endedSeptember 30, 2024 2023 2024 2023 Revenue $7,457 $5,809 $3,050 $2,087 COGS 2,014 1,453 863 537 Gross profit 5,443 4,356 2,187 1,550 Operating expenses: Research and development expense (R&D) 698 614 234 212 Selling, general and administrative (SG&A) expense 3,653 3,746 1,197 1,330 Total operating expenses 4,351 4,360 1,431 1,542 Operating income (loss) 1,092 (4) 756 8 Interest income, net 53 46 20 19 Income before income taxes 1,145 42 776 27 Income tax expense 67 — 42 — Net income 1,078 42 734 27 Non-controlling interest share of income (17) (7) (9) (3)Net income attributable to Acorn Energy, Inc.stockholders $1,061 $35 $725 $24 Basic and diluted net income per share attributable to Acorn Energy, Inc stockholders – basic and diluted Basic $0.43 $0.01 $0.29 $0.01 Diluted $0.42 $0.01 $0.29 $0.01 Weighted average number of shares outstanding attributable to Acorn Energy, Inc.stockholders – basic and diluted Basic 2,487 2,484 2,487 2,485 Diluted 2,504 2,506 2,511 2,532 ACORN ENERGY, INC.
Investor Call Today at 11am ET; Dial-in: 1-844-834-0644WILMINGTON, Del., Nov.07, 2024 (GLOBE NEWSWIRE) -- Acorn Energy, Inc.(OTCQB: ACFN), a provider of remote monitoring and control solutions for backup power generators, gas pipelines, air compressors and other mission critical assets, announced results for its third quarter ended September 30, 2024 (Q3’24) and will hold an investor call today at 11am ET (see call details below).
Compared to the prior-year period, revenue rose 28.4% to $7,457,000 in the first nine months of 2024, reflecting a 55.7% increase in hardware revenue and a 5.6% increase in monitoring revenue, driven by the same factors as in Q3’24.Gross profit grew 41.1% to $2,187,000 in Q3’24, reflecting a gross margin of 71.7%, as compared to gross profit of $1,550,000 and gross margin of 74.3% in Q3’23.
The story "Acorn’s Q3 Revenue Rose 46% to $3.05M and EPS Rose to $0.29 vs. $0.01, Inclusive of the Initial Benefit of 2-Year Contract for Remote Monitoring of Backup Generators for Cell Towers" has 1650 words across 33 sentences, which will take approximately 7 - 14 minutes for the average person to read.
Which news outlet covered this story?
The story "Acorn’s Q3 Revenue Rose 46% to $3.05M and EPS Rose to $0.29 vs. $0.01, Inclusive of the Initial Benefit of 2-Year Contract for Remote Monitoring of Backup Generators for Cell Towers" was covered 2 weeks ago by GlobeNewswire, a news publisher based in China.
How trustworthy is 'GlobeNewswire' news outlet?
GlobeNewswire is a fully independent (privately-owned) news outlet established in 1998 that covers mostly technology news.
The outlet is headquartered in China and publishes an average of 2 news stories per day.
It's most recent story was published 10 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
