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Acorn Energy, Inc. (OTCQB: ACFN) is a leading provider of remote monitoring and control solutions for critical industrial assets. Through its subsidiary OmniMetrix, Acorn focuses on stand-by power generators, gas pipelines, air compressors, and other essential equipment. The company’s innovative solutions enhance productivity, reliability, security, and efficiency, offering significant improvements in operational performance and resource management.
OmniMetrix, a pioneer in the Internet of Things (IoT) sector, serves a diverse client base, including over 25 Fortune/Global 500 companies, providing robust monitoring solutions for cell towers, manufacturing plants, medical facilities, data centers, retail stores, public transportation systems, energy distribution, and governmental facilities. By leveraging IoT technology, OmniMetrix ensures critical systems remain operational, thus preventing costly downtimes and enhancing overall system reliability.
Acorn Energy’s core business revolves around its four portfolio companies:
- US Seismic Systems: Supplies advanced fiber optic sensing solutions designed to increase oil and gas production while reducing costs.
- GridSense: Provides comprehensive monitoring systems for critical points along the electricity delivery grid.
- OmniMetrix: Specializes in the remote monitoring of emergency back-up power generation systems, boosting their reliability and operational readiness.
- DSIT: Delivers cutting-edge security solutions to protect naval and marine-based energy assets from underwater threats.
Recent developments include a 22% revenue growth in Q2’23, driven by strong demand from national telecom customers. Acorn's total revenue has seen consistent growth, with Q3’23 revenue up by 17% compared to the previous year. The company also achieved positive net income and operating cash flow, reflecting robust financial health and operational efficiency.
Acorn Energy continues to advance its Demand Response (DR) programs, partnering with C-Power to enable grid support through backup generators. The recent reverse stock split and strategic reseller agreements signify Acorn’s commitment to expanding its market reach and enhancing shareholder value.
For more information, visit: www.acornenergy.com.
Acorn Energy, Inc. (OTCQB: ACFN) has appointed Peter Rabover, CFA, to its board of directors, expanding the board to five members with four being independent. Rabover, Managing Director of Artko Capital, LP, has been an investor in Acorn since 2018 and holds nearly 2 million shares. With over 20 years of buy-side investment experience and a background in corporate finance, Rabover's expertise is expected to enhance Acorn's growth strategies. CEO Jan Loeb expressed optimism about Rabover's ability to contribute to building long-term shareholder value through his financial knowledge and investment perspective.
Acorn Energy, Inc. (OTCQB: ACFN) reported Q4 and full-year 2022 results, highlighting a 5.2% increase in total revenue to $1.845 million for Q4 and a 3.3% rise to $7 million for the year. Gross profit also improved, reaching $1.352 million in Q4 and $5.071 million annually, maintaining a strong gross margin of 73.3% in Q4 and 72.4% for the year. The company faced challenges including rising costs and the impact of 3G sunsetting, but anticipates a rebound in monitoring revenue growth in 2023, projected to exceed 20%. With operating cash flow of $342,000 in Q4, Acorn expects to leverage its $1.5 million cash position for future growth, supported by opportunities in the IoT space and potential partnerships.
Acorn Energy, Inc. (OTCQB: ACFN) will host its Q4 conference call on March 16th at 11:00 a.m. ET. The call will feature Jan Loeb, President and CEO, and Tracy Clifford, CFO and COO of OmniMetrix, discussing the company’s full year and Q4 results, followed by a Q&A session.
Results will be released before the market opens that morning. The conference call can be accessed via dial-in numbers or online for replay. Acorn owns a 99% equity stake in OmniMetrix, a leader in IoT solutions for monitoring critical industrial equipment.
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