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Digital Ally, Inc. (DGLY) is a prominent provider of advanced mobile video systems, serving a diverse range of markets including law enforcement, commercial fleets, and security applications. The company is known for its innovative product lines such as the Digital Video Mirror (DVM Series), which integrates digital in-car video systems into a ruggedized rear-view mirror, optimizing space and functionality in police vehicles and commercial fleets.
Additionally, Digital Ally offers the FirstVu HD, a body-worn or mounted evidentiary-grade video system designed for versatile and compact use. Another notable product is the Laser Ally Lidar speed enforcement system, renowned for its advanced, user-friendly, and ergonomic design.
The company's products are extensively utilized by the U.S. military, law enforcement agencies, and various governmental entities across all 50 states and globally. Digital Ally’s technology integrates electronic, radio, computer, and multi-media technologies to provide comprehensive solutions addressing the needs of mass transit systems, school buses, taxicabs, and military operations.
Digital Ally operates in several segments, including Video Solutions, Revenue Cycle Management, and Entertainment. The company sells its products directly to end-users and through third-party distributors, ensuring a wide market reach both domestically and internationally.
Recent achievements and projects include ongoing enhancements to their core product lines and expanding their market presence through strategic partnerships. The company remains at the forefront of developing and deploying cutting-edge video imaging and storage solutions that meet the complex demands of modern security and law enforcement environments.
Digital Ally has announced the formation of Digital Ally Healthcare, Inc., a new business unit aiming to tap into the healthcare market, valued at approximately $3.5 trillion annually. The company is investing $13.5 million to acquire revenue cycle management (RCM) companies, starting with two targets generating $5 million in annual revenue. Digital Healthcare will own 51% of this venture, ensuring a consistent cash flow. The initiative aligns with the company's strategic goal to diversify its offerings and expand profit margins, as emphasized by CEO Stan Ross.
Digital Ally reported a 4% revenue increase in Q1 2021, totaling $2,535,829 compared to $2,425,745 in Q1 2020. This growth was driven by a boost in product sales, especially from new lines ThermoVU™ and Shield™. However, service revenues fell 5% due to COVID-19 impacts. Gross profit decreased by 36%, leading to an operating loss of $2,865,693. Notably, the company achieved a net income of $21,721,858, a significant improvement from last year's loss. Recent funding efforts raised approximately $66.4 million for operational expansion. An investor call is scheduled for May 18, 2021.
Digital Ally will host an investor conference on May 18, 2021, at 11:15 a.m. EDT, to discuss its operating results for Q1 2021, including its Shield™ Health Protection Product line. The company will release its financial results before the conference call. Shareholders can join the call by dialing (844) 761-0863 and entering conference ID #2687583. A replay will be available from May 18 until July 23, 2021. Digital Ally specializes in video recording equipment and health protection products for various sectors.
Digital Ally (NASDAQ: DGLY) announced new upgrade orders for its evidence recording technology, including eleven EVO-HD in-car video systems and twenty-six FirstVu HD body-worn cameras from the Raymore Police Department. This acquisition was facilitated by the company's subscription payment program. Additional orders were also secured from the North Huntingdon and Hearne Police Departments. CEO Stan Ross emphasized the importance of this technology for law enforcement, noting its comprehensive solution for evidence management.
Digital Ally, Inc. (NASDAQ: DGLY) announced multiple new contracts for its EVO-HD in-car camera system, including the largest international deployment to the Royal Barbados Police Force. These orders signify increasing demand for the EVO-HD system, which includes auto-activation technology. Recent contracts also include orders from various police departments, highlighting the growing acceptance of the company's technology. The firm remains dedicated to fulfilling a delayed order from an international agency amidst ongoing pandemic challenges.
Digital Ally, Inc. (DGLY) reported a slight total revenue increase for 2020, amounting to $10.51 million, up from $10.44 million in 2019. Revenue from new products, ThermoVU and Shield, contributed approximately $1.65 million, though service revenues fell by 8% due to the COVID-19 pandemic. The company recorded a $5.25 million gain from the termination of a financial obligation. Despite a net loss of $2.63 million, the gross margin improved to 39%. The company has also successfully navigated its patent litigation and is focused on expanding its product offerings.
Digital Ally, Inc. (NASDAQ: DGLY) has secured a multi-year contract with the Soddy-Daisy Police Department in Tennessee. The contract includes the provision of 21 EVO-HD in-car systems, 22 FirstVu HD body-worn cameras, and one EVO-HD interview room solution, along with access to the EVO Web Portal for cloud storage. This contract highlights the effectiveness of Digital Ally's subscription payment plan, reinforcing the company's presence in law enforcement technology. Chief of Police Mike Sneed expressed confidence in the technology's capabilities, emphasizing its importance for community safety.
Digital Ally (DGLY) will host an investor conference call on March 31, 2021, at 11:15 a.m. Eastern Time to discuss its fourth-quarter and year-end operating results for 2020. The call will address the company's Shield Health Protection Product line and other relevant topics. A press release detailing the operating results will be issued prior to the call. Participants can join by dialing 844-761-0863 and entering conference ID #7465801. A replay will be available until May 31, 2021.
Digital Ally, Inc. (NASDAQ: DGLY) announced a multi-year upgrade order from the Bowling Green Police Department for 18 EVO-HD in-car recording systems and 35 FirstVu HD body-worn cameras. The order includes full access to the EVO Web Portal storage solution powered by Amazon Web Services. This purchase, under Digital Ally's subscription payment plan, emphasizes the company's role in providing essential video technology to law enforcement, enhancing community safety without requiring significant upfront costs.
Digital Ally (NASDAQ: DGLY) announced a multi-year upgrade order from the Pickerington Police Department in Ohio for a comprehensive video evidence solution. This includes 25 FirstVu HD body-worn cameras, 5 EVO-HD in-car camera systems, and an EVO GovCloud storage solution powered by Amazon Web Services. The order, made through a subscription payment plan, allows the department to enhance its video technology affordably. CEO Stan Ross emphasized the importance of budget-friendly solutions for law enforcement, highlighting the commitment to support first responders and their communities.
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