Acorn’s Q2’24 EPS Improves to $0.11 vs. $0.04 on Revenue Increase in Remote Monitoring and Control Solutions for Backup Power Generators
Acorn Energy (OTCQB: ACFN) reported Q2'24 results with EPS improving to $0.11 from $0.04 year-over-year. Total revenue increased 15.3% to $2,275,000, driven by a 28.3% rise in hardware revenue and a 4.2% increase in monitoring revenue. The company secured a $5M contract with a leading wireless telecom provider for remote monitoring of cell tower backup generators. Acorn expects to achieve or exceed its 20% annual revenue growth target for this year and next. Net income attributable to Acorn stockholders improved to $271,000 in Q2'24 from $96,000 in Q2'23. The company maintains a strong financial position with $1,463,000 in cash and no debt as of June 30, 2024.
Acorn Energy (OTCQB: ACFN) ha riportato i risultati del Q2'24 con un incremento dell'EPS a $0.11 rispetto a $0.04 dello stesso periodo dell'anno scorso. Il fatturato totale è aumentato del 15.3% a $2,275,000, sostenuto da un aumento del 28.3% delle entrate hardware e un incremento del 4.2% nelle entrate per monitoraggio. L'azienda ha ottenuto un contratto di $5M con un importante fornitore di telecomunicazioni senza fili per il monitoraggio remoto dei generatori di emergenza delle torri cellulari. Acorn prevede di raggiungere o superare l'obiettivo di crescita del fatturato annuale del 20% per quest'anno e il prossimo. Il reddito netto attribuibile agli azionisti di Acorn è aumentato a $271,000 nel Q2'24 da $96,000 nel Q2'23. L'azienda mantiene una solida posizione finanziaria con $1,463,000 in contanti e senza debiti al 30 giugno 2024.
Acorn Energy (OTCQB: ACFN) reportó los resultados del Q2'24 con un incremento del EPS a $0.11 desde $0.04 en comparación con el año anterior. Los ingresos totales aumentaron un 15.3% hasta $2,275,000, impulsados por un aumento del 28.3% en los ingresos por hardware y un incremento del 4.2% en los ingresos por monitoreo. La compañía aseguró un contrato de $5M con un proveedor líder de telecomunicaciones inalámbricas para el monitoreo remoto de los generadores de respaldo de torres celulares. Acorn espera alcanzar o superar su objetivo de crecimiento anual del 20% para este año y el siguiente. El ingreso neto atribuible a los accionistas de Acorn mejoró a $271,000 en el Q2'24 desde $96,000 en el Q2'23. La empresa mantiene una sólida posición financiera con $1,463,000 en efectivo y sin deudas al 30 de junio de 2024.
Acorn Energy (OTCQB: ACFN)는 Q2'24 실적을 발표하며 주당순이익이 $0.11로 증가했다고 보고했습니다. 이는 작년의 $0.04와 비교됩니다. 총 수익이 15.3% 증가하여 $2,275,000에 달했으며, 이는 하드웨어 수익이 28.3% 증가한 것과 모니터링 수익이 4.2% 증가한 것에 힘입은 것입니다. 이 회사는 주요 무선 통신업체와 $5M 계약을 체결하여 이동통신 타워의 백업 발전기 원격 모니터링을 진행할 예정입니다. Acorn은 이번 해와 내년까지 연간 매출 성장 목표인 20%을 달성하거나 초과할 것으로 보입니다. Acorn 주주에게 귀속된 순이익은 Q2'24에는 $271,000로 증가했으며, 이는 Q2'23의 $96,000에서 개선된 것입니다. 이 회사는 2024년 6월 30일 기준으로 $1,463,000의 현금을 보유하고 있으며 부채는 없습니다.
Acorn Energy (OTCQB: ACFN) a annoncé les résultats du Q2'24 avec un EPS passant à $0.11 contre $0.04 l'année précédente. Le chiffre d'affaires total a augmenté de 15.3% pour atteindre $2,275,000, soutenu par une augmentation de 28.3% des revenus matériels et une hausse de 4.2% des revenus de surveillance. L'entreprise a obtenu un contrat de $5M avec un fournisseur de télécommunications sans fil de premier plan pour la surveillance à distance des générateurs de secours des tours cellulaires. Acorn s'attend à atteindre ou dépasser son objectif de croissance annuelle de 20% pour cette année et l'année prochaine. Le revenu net attribuable aux actionnaires d'Acorn s'est amélioré à $271,000 au Q2'24 contre $96,000 au Q2'23. L'entreprise maintient une solide situation financière avec $1,463,000 en liquidités et aucune dette au 30 juin 2024.
Acorn Energy (OTCQB: ACFN) hat die Q2'24-Ergebnisse veröffentlicht, wobei das EPS auf $0.11 von $0.04 im Vorjahresvergleich verbessert wurde. Der Gesamtumsatz stieg um 15.3% auf $2,275,000, hauptsächlich durch einen Anstieg der Hardware-Einnahmen um 28.3% und einen Anstieg der Monitoring-Einnahmen um 4.2%. Das Unternehmen sicherte sich einen $5M-Vertrag mit einem führenden drahtlosen Telekommunikationsanbieter für die Fernüberwachung von Backup-Generatoren an Mobilfunkmasten. Acorn rechnet damit, die jährliche Wachstumsziel von 20% für dieses und nächstes Jahr zu erreichen oder zu übertreffen. Das Nettoeinkommen, das den Aktionären von Acorn zuzuschreiben ist, verbesserte sich auf $271,000 im Q2'24 gegenüber $96,000 im Q2'23. Das Unternehmen hat eine starke Finanzlage mit $1,463,000 in bar und keinen Schulden zum 30. Juni 2024.
- Q2'24 EPS improved to $0.11 from $0.04 year-over-year
- Total revenue increased 15.3% to $2,275,000 in Q2'24
- Hardware revenue rose 28.3% in Q2'24
- Secured a $5M contract with a leading wireless telecom provider
- Net income improved to $271,000 in Q2'24 from $96,000 in Q2'23
- Strong financial position with $1,463,000 in cash and no debt
- Gross margin decreased to 73.2% in Q2'24 from 75.5% in Q2'23
Investor Call Today at 11am ET; Dial-in: 1-844-834-0644
WILMINGTON, Del., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN) (Acorn), a provider of remote monitoring and control solutions for backup power generators, gas pipelines, air compressors and other mission critical assets, announced results for its second quarter ended June 30, 2024 (Q2’24) and will hold an investor call today at 11am ET (see call details below).
Summary Financial Results | |||||||||||||||||
($ in thousands) | Q2’24 | Q2'23 | Change | 6M’24 | 6M'23 | Change | |||||||||||
Monitoring revenue | $ | 1,110 | $ | 1,065 | +4.2 | % | $ | 2,212 | $ | 2,089 | +5.9 | % | |||||
Hardware revenue | $ | 1,165 | $ | 908 | +28.3 | % | $ | 2,195 | $ | 1,633 | +34.4 | % | |||||
Total revenue (1) | $ | 2,275 | $ | 1,973 | +15.3 | % | $ | 4,407 | $ | 3,722 | +18.4 | % | |||||
Gross margin | 73.2 | % | 75.5 | % | 73.9 | % | 75.4 | % | |||||||||
Net income to stockholders | $ | 271 | $ | 96 | +182.3 | % | $ | 336 | $ | 11 | nm (2) | ||||||
Net income per diluted share | $ | 0.11 | $ | 0.04 | +175.0 | % | $ | 0.13 | $ | 0.00 | nm (2) | ||||||
(1) All of Acorn’s revenue is derived from its | |||||||||||||||||
(2) The percentage change is not meaningful because net income for the first six months of 2023 was near zero. | |||||||||||||||||
CEO Commentary
Jan Loeb, Acorn’s CEO, commented, “Our Q2 and first half results reflect increases in hardware revenue, which supports future growth in recurring, high-margin, monitoring revenue. Building on this trend in June, we secured a contract valued at approximately
“This contract, the largest in OmniMetrix history, puts us on a solid path to achieve or exceed our annual revenue growth target of
“Importantly, demand for backup generators and 24/7 monitoring and control continues to increase as a result of various tragic weather events and wildfires that have disrupted the electric grid. After hurricane Beryl hit Houston on July 8th, 2.6 million Texas households and businesses were left in the dark, some reportedly for up to 2 weeks. Significant, prolonged events such as this boost demand for backup generators, and we are already experiencing increased demand in Texas for OmniMetrix solutions as a result of the storm.
“We also expect increased demand for generators and monitoring in the wake of wildfires in the U.S. as well as Canada, where we are working to expand our sales and marketing reach. In addition to causing power outages, wildfires also negatively impact air quality. Our new user interface, OmniView 2, provides a range of new features, including Air Quality Index (AQI) data to support customer compliance with air quality regulations that vary by location and regulator. Under these regulations, businesses can be fined for operating generators on bad air quality days; OmniMetrix solutions provide customers with the data they need to assure regulatory compliance.
“Overall, we have made significant progress to date in 2024 and expect our positive momentum to build in the second half of the year as we work to advance a range of growth opportunities.”
Financial Review
Q2’24 revenue rose
Driven by revenue increases, gross profit grew
Total operating expenses were flat at
Net income attributable to Acorn stockholders improved to
Per-share amounts have been adjusted to reflect stock options and the 1-for-16 reverse stock split executed in September 2023.
Liquidity and Cash Flow
Excluding deferred revenue of
In the first six months of 2024, Acorn generated
Investor Call Details
Date/Time: | Thursday, August 8th at 11:00 AM ET |
Dial-in Number: | 1-844-834-0644 or 1-412-317-5190 (Int’l) |
Online Replay/Transcript: | Audio file and call transcript will be posted to the |
Investor section of Acorn's website when available. | |
Submit Questions via Email: | acfn@catalyst-ir.com – before or after the call. |
About Acorn (www.acornenergy.com) and OmniMetrix™(www.omnimetrix.net)
Acorn Energy, Inc. owns a
OmniMetrix’s proven, cost-effective solutions make critical systems more reliable and also enable automated “demand response” electric grid support via enrolled backup generators.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There are no assurances that Acorn will be successful in growing its business, increasing its revenue, increasing profitability, or maximizing the value of its operating company and other assets. A complete discussion of the risks and uncertainties that may affect Acorn Energy’s business, including the business of its subsidiary, is included in “Risk Factors” in the Company’s most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
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Investor Relations Contacts
Catalyst IR
William Jones, 267-987-2082
David Collins, 212-924-9800
acfn@catalyst-ir.com
ACORN ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE DATA) | |||||||||||||||
Six months ended June 30, | Three months ended June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenue | $ | 4,407 | $ | 3,722 | $ | 2,275 | $ | 1,973 | |||||||
COGS | 1,151 | 916 | 610 | 483 | |||||||||||
Gross profit | 3,256 | 2,806 | 1,665 | 1,490 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development expenses (R&D) | 464 | 402 | 226 | 188 | |||||||||||
Selling, general and administrative (SG&A) expenses | 2,456 | 2,416 | 1,181 | 1,219 | |||||||||||
Total operating expenses | 2,920 | 2,818 | 1,407 | 1,407 | |||||||||||
Operating income (loss) | 336 | (12 | ) | 258 | 83 | ||||||||||
Interest income, net | 33 | 27 | 18 | 16 | |||||||||||
Income before income taxes | 369 | 15 | 276 | 99 | |||||||||||
Income tax expense | 25 | — | — | — | |||||||||||
Net income | 344 | 15 | 276 | 99 | |||||||||||
Non-controlling interest share of income | (8 | ) | (4 | ) | (5 | ) | (3 | ) | |||||||
Net income attributable to Acorn Energy, Inc. stockholders | $ | 336 | $ | 11 | $ | 271 | $ | 96 | |||||||
Basic and diluted net income per share attributable to Acorn Energy, Inc stockholders – basic and diluted | |||||||||||||||
Basic* | $ | 0.14 | $ | 0.00 | $ | 0.11 | $ | 0.04 | |||||||
Diluted* | $ | 0.13 | $ | 0.00 | $ | 0.11 | $ | 0.04 | |||||||
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* | 2,501 | 2,486 | 2,507 | 2,487 | |||||||||||
* As adjusted to reflect the September 2023 1-for16 reverse stock split. | |||||||||||||||
ACORN ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||
As of June 30, 2024 | As of December 31, 2023 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash | $ | 1,463 | $ | 1,449 | |||
Accounts receivable, net | 540 | 536 | |||||
Inventory, net | 731 | 962 | |||||
Deferred cost of goods sold (COGS) | 608 | 809 | |||||
Other current assets | 392 | 280 | |||||
Total current assets | 3,734 | 4,036 | |||||
Property and equipment, net | 552 | 570 | |||||
Right-of-use assets, net | 139 | 193 | |||||
Deferred COGS | 226 | 476 | |||||
Other assets | 118 | 174 | |||||
Total assets | $ | 4,769 | $ | 5,449 | |||
LIABILITIES AND DEFICIT | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 288 | $ | 288 | |||
Accrued expenses | 123 | 132 | |||||
Deferred revenue | 3,590 | 4,034 | |||||
Current operating lease liabilities | 127 | 123 | |||||
Other current liabilities | 29 | 30 | |||||
Total current liabilities | 4,157 | 4,607 | |||||
Long-term liabilities: | |||||||
Deferred revenue | 990 | 1,550 | |||||
Noncurrent operating lease liabilities | 33 | 98 | |||||
Other long-term liabilities | 22 | 20 | |||||
Total liabilities | 5,202 | 6,275 | |||||
Commitments and contingencies | |||||||
Deficit: | |||||||
Acorn Energy, Inc. stockholders | |||||||
Common stock - authorized, 2,537,485 and 2,534,969 shares issued at June 30, 2024 and December 31, 2023, respectively, and 2,487,307 and 2,484,791 shares outstanding at June 30, 2024 and December 31, 2023, respectively | 25 | 25 | |||||
Additional paid-in capital | 103,372 | 103,321 | |||||
Accumulated stockholders’ deficit | (100,812 | ) | (101,148 | ) | |||
Treasury stock, at cost – 50,178 shares at June 30, 2024 and December 31, 2023 | (3,036 | ) | (3,036 | ) | |||
Total Acorn Energy, Inc. stockholders’ deficit | (451 | ) | (838 | ) | |||
Non-controlling interest | 18 | 12 | |||||
Total deficit | (433 | ) | (826 | ) | |||
Total liabilities and deficit | $ | 4,769 | $ | 5,449 | |||
ACORN ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN THOUSANDS) | |||||||
Six months ended June 30, | |||||||
2024 | 2023 | ||||||
Cash flows provided by operating activities: | |||||||
Net income | $ | 344 | $ | 15 | |||
Depreciation and amortization | 58 | 76 | |||||
(Decrease) increase in the provision for credit loss | (7 | ) | — | ||||
Impairment of inventory | 19 | 8 | |||||
Non-cash lease expense | 64 | 63 | |||||
Stock-based compensation | 38 | 30 | |||||
Change in operating assets and liabilities: | |||||||
Decrease (increase) in accounts receivable | 3 | (104 | ) | ||||
Decrease (increase) in inventory | 212 | (22 | ) | ||||
Decrease in deferred COGS | 451 | 44 | |||||
Increase in other current assets and other assets | (56 | ) | (119 | ) | |||
(Decrease) increase in deferred revenue | (1,004 | ) | 196 | ||||
Decrease in operating lease liability | (71 | ) | (67 | ) | |||
Decrease in accounts payable, accrued expenses, other current liabilities and non-current liabilities | (10 | ) | 35 | ||||
Net cash provided by operating activities | 41 | 155 | |||||
Cash flows used in investing activities: | |||||||
Investments in technology | (36 | ) | (37 | ) | |||
Equipment purchases | (4 | ) | — | ||||
Net cash used in investing activities | (40 | ) | (37 | ) | |||
Cash flows provided by financing activities: | |||||||
Stock option exercise proceeds | 13 | — | |||||
Warrant exercise proceeds | — | 5 | |||||
Net cash provided by financing activities | 13 | 5 | |||||
Net increase in cash | 14 | 123 | |||||
Cash at the beginning of the period | 1,449 | 1,450 | |||||
Cash at the end of the period | $ | 1,463 | $ | 1,573 | |||
Supplemental cash flow information: | |||||||
Cash paid during the year for: | |||||||
Interest | $ | 1 | $ | 1 | |||
Income Taxes | $ | 2 | $ | — | |||
Non-cash investing and financing activities: | |||||||
Accrued preferred dividends to former CEO of OmniMetrix | $ | 2 | $ | 2 | |||
FAQ
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