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
Acorn Energy (OTCQB: ACFN) reported strong Q3 2024 financial results with total revenue increasing 46.1% to $3.05M, driven by a 90.4% surge in hardware revenue to $1.91M and a 5.1% rise in monitoring revenue to $1.14M. The company's net income rose significantly to $725,000 ($0.29 per share) compared to $24,000 ($0.01 per share) in Q3 2023. The growth was partly attributed to a $724,000 hardware revenue from initial orders of a $5M contract with a major cell phone provider for monitoring cell tower backup generators. The company maintained a strong financial position with $2.2M in cash and no debt as of quarter-end.
Acorn Energy (OTCQB: ACFN) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un aumento del fatturato totale del 46,1% a $3,05 milioni, grazie a un'impennata del 90,4% nel fatturato hardware, raggiungendo $1,91 milioni, e a un incremento del 5,1% nel fatturato da monitoraggio, arrivando a $1,14 milioni. L'utile netto dell'azienda è cresciuto significativamente a $725.000 ($0,29 per azione) rispetto ai $24.000 ($0,01 per azione) del terzo trimestre del 2023. La crescita è stata in parte attribuita a $724.000 di fatturato hardware derivante da ordini iniziali di un contratto da $5 milioni con un importante fornitore di telefoni cellulari per il monitoraggio dei generatori di backup delle torri di telefonia mobile. L'azienda ha mantenuto una solida posizione finanziaria, con $2,2 milioni in contante e senza debiti alla fine del trimestre.
Acorn Energy (OTCQB: ACFN) reportó resultados financieros sólidos en el tercer trimestre de 2024, con un incremento del 46,1% en los ingresos totales, alcanzando $3,05 millones, impulsado por un aumento del 90,4% en los ingresos por hardware, que sumaron $1,91 millones, y un incremento del 5,1% en los ingresos por monitoreo, que alcanzaron $1,14 millones. El ingreso neto de la compañía aumentó significativamente a $725,000 ($0,29 por acción) en comparación con los $24,000 ($0,01 por acción) del tercer trimestre de 2023. El crecimiento se atribuyó en parte a $724,000 en ingresos por hardware de pedidos iniciales de un contrato de $5 millones con un importante proveedor de teléfonos celulares para el monitoreo de generadores de respaldo de torres celulares. La empresa mantuvo una sólida posición financiera con $2,2 millones en efectivo y sin deudas al final del trimestre.
Acorn Energy (OTCQB: ACFN)는 2024년 3분기 강력한 재무 결과를 발표했으며, 총 수익이 46.1% 증가하여 305만 달러에 이르렀습니다. 이는 하드웨어 수익이 90.4% 급증하여 191만 달러에 달하고, 모니터링 수익이 5.1% 증가하여 114만 달러에 달하는 데 기인합니다. 회사의 순이익은 725,000달러($0.29 주당)로 증가했으며, 이는 2023년 3분기의 24,000달러($0.01 주당)와 비교됩니다. 이 성장은 주요 이동통신 제공업체와의 500만 달러 계약의 초기 주문으로부터 발생한 724,000달러의 하드웨어 수익 덕분입니다. 회사는 분기 종료 시점에 현금 220만 달러와 부채가 없는 안정적인 재무 상태를 유지했습니다.
Acorn Energy (OTCQB: ACFN) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires total en hausse de 46,1%, atteignant 3,05 millions de dollars, grâce à une augmentation de 90,4% des revenus matériels qui s'élèvent à 1,91 million de dollars, et à une hausse de 5,1% des revenus de surveillance, qui atteignent 1,14 million de dollars. Le bénéfice net de l'entreprise a considérablement augmenté pour atteindre 725 000 dollars (0,29 dollar par action) contre 24 000 dollars (0,01 dollar par action) au troisième trimestre 2023. Cette croissance a été en partie attribuée à 724 000 dollars de revenus matériels provenant de commandes initiales d'un contrat de 5 millions de dollars avec un important fournisseur de téléphonie mobile pour la surveillance des générateurs de secours des tours cellulaires. L'entreprise a maintenu une solide position financière avec 2,2 millions de dollars en espèces et aucune dette à la fin du trimestre.
Acorn Energy (OTCQB: ACFN) berichtete im dritten Quartal 2024 von starken finanziellen Ergebnissen. Der Gesamtumsatz stieg um 46,1% auf 3,05 Millionen Dollar, was auf einen Anstieg der Hardware-Umsätze um 90,4% auf 1,91 Millionen Dollar und einen Anstieg der Überwachungsumsätze um 5,1% auf 1,14 Millionen Dollar zurückzuführen ist. Der Nettogewinn des Unternehmens stieg erheblich auf 725.000 Dollar (0,29 Dollar pro Aktie) im Vergleich zu 24.000 Dollar (0,01 Dollar pro Aktie) im dritten Quartal 2023. Das Wachstum wurde zum Teil durch 724.000 Dollar an Hardware-Umsätzen aus den Erstbestellungen eines 5-Millionen-Dollar-Vertrags mit einem großen Mobilfunkanbieter zur Überwachung von Backup-Generatoren für Mobilfunkmasten unterstützt. Das Unternehmen hielt eine starke finanzielle Position mit 2,2 Millionen Dollar in Bargeld und keinen Schulden zum Ende des Quartals.
- Revenue increased 46.1% to $3.05M in Q3 2024
- Net income rose to $725,000 ($0.29 per share) from $24,000
- Secured $5M contract with major cell phone provider
- Hardware revenue grew 90.4% to $1.91M
- Strong cash position of $2.2M with no debt
- Gross profit grew 41.1% to $2.19M
- Gross margin declined to 71.7% from 74.3% in Q3 2023
- Operating expenses higher due to engineering salary increases
Investor Call Today at 11am ET; Dial-in: 1-844-834-0644
WILMINGTON, Del., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN), a provider of remote monitoring and control solutions for backup power generators, gas pipelines, air compressors and other mission critical assets, announced results for its third quarter ended September 30, 2024 (Q3’24) and will hold an investor call today at 11am ET (see call details below).
Summary Financial Results
| ($ in thousands) | Q3’24 | Q3’23 | Change | 9M’24 | 9M’23 | Change | |||||||||||
| Monitoring revenue | $ | 1,138 | $ | 1,083 | +5.1 | % | $ | 3,350 | $ | 3,172 | +5.6 | % | |||||
| Hardware revenue | $ | 1,912 | $ | 1,004 | +90.4 | % | $ | 4,107 | $ | 2,637 | +55.7 | % | |||||
| Total revenue (1) | $ | 3,050 | $ | 2,087 | +46.1 | % | $ | 7,457 | $ | 5,809 | +28.4 | % | |||||
| Gross margin | |||||||||||||||||
| Net income to stockholders | $ | 725 | $ | 24 | nm (2) | $ | 1,061 | $ | 35 | nm (2) | |||||||
| Net income per diluted share | $ | 0.29 | $ | 0.01 | nm (2) | $ | 0.42 | $ | 0.01 | nm (2) | |||||||
(1) All of Acorn’s revenue is derived from its
(2) The percentage change is not meaningful because net income in the prior-year periods was near zero.
CEO Commentary
Jan Loeb, Acorn’s CEO, commented, “Acorn’s Q3’24 results benefited, in part, from
“This contract, OmniMetrix’s largest, was secured through a competitive process which recognized the value and capabilities of our industry-leading technology and solutions and our high level of customer service. We are committed to the successful rollout of this program which should provide a compelling case study for other large commercial and industrial customers.
“We anticipate increasing demand for backup power generation and our 24/7 monitoring and control solutions as a result of the growing incidence of major power outages due to extreme weather events, wildfires, rapidly growing electricity demand and the challenges they place on the aging electric grid in the U.S. As result of extreme events this year, millions of households and businesses across the country have been without power for weeks or more. The growing frequency and prolonged recovery time following these events is making a very clear case for the importance of backup power, particularly given the exponential electricity demand anticipated through the next decade to support artificial intelligence, cloud computing and electric vehicle infrastructure.
“Importantly, our solutions provide both environmental benefits and compelling returns on investment for both commercial and residential customers in their role of ensuring backup power is ready when needed. Remote monitoring eliminates much of the cost and environmental impact of sending technicians for periodic inspections of backup generators.
“Finally, we continue to invest in research and development to extend our industry leadership in technology and system capabilities. For example, our recently launched new and improved OmniView 2 user interface provides enhanced navigation and a range of new features including Air Quality Index (AQI) data to support customer compliance with EPA air quality regulations, so that they can avoid fines for operating generators on bad air quality days.
“We have a very strong team and an efficient structure that can deliver meaningful operating leverage on incremental revenue. As a result, we have achieved Q3’24 EPS of
Financial Review
Q3’24 revenue rose
Compared to the prior-year period, revenue rose
Gross profit grew
Total operating expenses declined to
Operating expenses for the nine months ended September 30, 2024 were flat reflecting the same factors as Q3’23, partially offset by higher research and development expenses related to engineering salary increases and continued investment in product innovation.
Q3’24 net income attributable to Acorn stockholders improved to
Liquidity and Cash Flow
Excluding deferred revenue of
Acorn generated net cash of
Investor Call Details
| Date/Time: | Thursday, November 7th 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) | ||||||||||||||||
| Nine months ended September 30, | Three months ended September 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. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | ||||||||
| As of September 30, 2024 | As of December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 2,153 | $ | 1,449 | ||||
| Accounts receivable, net | 894 | 536 | ||||||
| Inventory, net | 659 | 962 | ||||||
| Deferred cost of goods sold (COGS) | 507 | 809 | ||||||
| Other current assets | 318 | 280 | ||||||
| Total current assets | 4,531 | 4,036 | ||||||
| Property and equipment, net | 527 | 570 | ||||||
| Right-of-use assets, net | 112 | 193 | ||||||
| Deferred COGS | 134 | 476 | ||||||
| Other assets | 99 | 174 | ||||||
| Total assets | $ | 5,403 | $ | 5,449 | ||||
| LIABILITIES AND EQUITY ( DEFICIT) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 313 | $ | 288 | ||||
| Accrued expenses | 202 | 132 | ||||||
| Deferred revenue | 3,572 | 4,034 | ||||||
| Current operating lease liabilities | 129 | 123 | ||||||
| Other current liabilities | 38 | 30 | ||||||
| Total current liabilities | 4,254 | 4,607 | ||||||
| Long-term liabilities: | ||||||||
| Deferred revenue | 812 | 1,550 | ||||||
| Noncurrent operating lease liabilities | — | 98 | ||||||
| Other long-term liabilities | 23 | 20 | ||||||
| Total liabilities | 5,089 | 6,275 | ||||||
| Commitments and contingencies | ||||||||
| Equity (deficit): | ||||||||
| Acorn Energy, Inc. stockholders | ||||||||
| Common stock - | 25 | 25 | ||||||
| Additional paid-in capital | 103,386 | 103,321 | ||||||
| Accumulated stockholders’ deficit | (100,087 | ) | (101,148 | ) | ||||
| Treasury stock, at cost – 50,178 shares at September 30, 2024 and December 31, 2023 | (3,036 | ) | (3,036 | ) | ||||
| Total Acorn Energy, Inc. stockholders’ equity (deficit) | 288 | (838 | ) | |||||
| Non-controlling interest | 26 | 12 | ||||||
| Total equity (deficit) | 314 | (826 | ) | |||||
| Total liabilities and equity (deficit) | $ | 5,403 | $ | 5,449 | ||||
| ACORN ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN THOUSANDS) | ||||||||
| Nine months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows provided by operating activities: | ||||||||
| Net income | $ | 1,078 | $ | 42 | ||||
| Depreciation and amortization | 91 | 115 | ||||||
| (Decrease) increase in the provision for credit loss | (7 | ) | 3 | |||||
| Impairment of inventory | 21 | 9 | ||||||
| Non-cash lease expense | 97 | 96 | ||||||
| Stock-based compensation | 52 | 46 | ||||||
| Change in operating assets and liabilities: | ||||||||
| (Increase) decrease in accounts receivable | (351 | ) | 11 | |||||
| Decrease (increase) in inventory | 282 | (129 | ) | |||||
| Decrease in deferred COGS | 644 | 162 | ||||||
| Decrease (increase) in other current assets and other assets | 37 | (49 | ) | |||||
| (Decrease) increase in deferred revenue | (1,200 | ) | 40 | |||||
| Decrease in operating lease liability | (108 | ) | (104 | ) | ||||
| Increase in accounts payable, accrued expenses, other current liabilities and non-current liabilities | 103 | 124 | ||||||
| Net cash provided by operating activities | 739 | 366 | ||||||
| Cash flows used in investing activities: | ||||||||
| Investments in technology | (44 | ) | (70 | ) | ||||
| Equipment purchases | (4 | ) | (2 | ) | ||||
| Net cash used in investing activities | (48 | ) | (72 | ) | ||||
| 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 | 704 | 299 | ||||||
| Cash at the beginning of the period | 1,449 | 1,450 | ||||||
| Cash at the end of the period | $ | 2,153 | $ | 1,749 | ||||
| Supplemental cash flow information: | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 1 | $ | 2 | ||||
| Income Taxes | $ | 2 | $ | — | ||||
| Non-cash investing and financing activities: | ||||||||
| Accrued preferred dividends to former CEO of OmniMetrix | $ | 3 | $ | 3 | ||||
FAQ
What was Acorn Energy's (ACFN) revenue growth in Q3 2024?
How much was ACFN's earnings per share in Q3 2024?
What was the value of the cell tower monitoring contract ACFN secured?
What is ACFN's cash position as of Q3 2024?
