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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, Inc. (NASDAQ: DGLY) announced a securities purchase agreement with institutional investors for the sale of 10,000,000 shares of common stock and accompanying warrants, raising approximately $30.95 million. The offering price is set at $3.095 per share, with warrants exercisable at $3.25 per share. The closure of the offering is anticipated on or about January 14, 2021, subject to customary conditions. This transaction is part of an effective shelf registration statement filed with the SEC.
Digital Ally (NASDAQ: DGLY) announced that it will not proceed with its planned underwritten public offering of common stock due to current market conditions. The company maintains a strong financial position, expecting its cash reserves to cover operating expenses and capital needs through at least the end of 2021. This decision reflects caution in navigating market dynamics, ensuring the company's stability without further diluting shareholder value.
Digital Ally, Inc. (DGLY) announced plans for a public offering of its common stock. The company aims to sell shares with an option for the underwriter to purchase an additional 15% to cover over-allotments. Proceeds from the offering will be utilized for working capital, product development, order fulfillment, and general corporate purposes. The offering is contingent on market conditions, and no assurance can be provided regarding its completion or terms. Aegis Capital Corp. acts as the sole book-running manager for this offering.
Digital Ally, Inc. (NASDAQ: DGLY) has appointed Mark Shrout as Chief Revenue Officer, aiming to enhance product development and market reach. This decision follows the company’s strategy to invest in advancing its video recording products and its Shield™ line, which includes sanitizers and PPE. CEO Stan Ross expressed enthusiasm for Shrout's joining, citing his extensive experience in sales and marketing. This leadership change is expected to drive profitable revenue growth as the company navigates its current growth phase.
Digital Ally (NASDAQ: DGLY) announced a major order from the Franklin County Sheriff’s Office for 15 EVO-HD in-car camera systems and FirstVu HD body cameras, utilizing the company’s subscription payment plan. The sheriff's department selected Digital Ally as its exclusive supplier due to the seamless integration and centralized management of video evidence provided by the equipment. CEO Stan Ross emphasized the importance of these technologies for enhancing safety and security in law enforcement.
Digital Ally (NASDAQ: DGLY) announced its partnership with Goodcents, making Goodcents the first major US franchise to implement its complete line of COVID-19 safety products. By late January 2021, all 63 Goodcents restaurants will feature ShieldTM Disinfectant/Sanitizer, ThermoVuTM non-contact temperature screening devices, and electrostatic sprayers. This initiative aims to ensure a safe environment for employees and customers amidst the ongoing pandemic. The products also adhere to government regulations and guidelines, highlighting their critical role in public safety.
Digital Ally reported a 23% revenue increase for Q3 2020, reaching $3,588,640, the highest since Q1 2017. Earnings per share rose to $0.02, a significant improvement from a loss of ($0.26) in Q3 2019. The revenue surge was driven by new products, ThermoVU and Shield, generating approx. $1.1 million. However, COVID-19 delayed some orders, notably a substantial body camera contract. The company also faced a decline in gross margin to 34.1% due to manufacturing inefficiencies. SG&A expenses dropped 12% to $3,066,606.
Digital Ally (NASDAQ: DGLY) will discuss its third quarter 2020 operating results on November 12, 2020, at 11:15 a.m. EDT. The call will cover developments related to their safety products, including the Shield™ Cleansers line and ThermoVu™ non-contact temperature screening devices. Interested parties can join the call by dialing (844) 761-0863. A replay will be available until January 12, 2021. Digital Ally specializes in advanced video recording products for law enforcement and safety sectors, with new products recently launched in their portfolio.
Digital Ally introduces EVO Cloud 1.8, enhancing its EVO-HD video system with the ProVu shared portal. This new feature allows prosecutors to securely request video evidence from multiple police departments, streamlining the process and reducing time and costs associated with video retrieval. The update is hosted on a secured portal, utilizing Amazon Web Services, trusted by government entities. CEO Stan Ross emphasized the importance of continuous innovation without requiring new hardware. The company aims to improve safety and security in law enforcement through ongoing feature enhancements.
Digital Ally, Inc. (NASDAQ: DGLY) has secured a multi-year upgrade order from the Suwanee Police Department in Georgia. This deal includes the upgrade of 34 FirstVu HD body cameras and 18 DVM-800 in-car systems to the Company’s secure .GOV cloud platform. This transition will enhance features like intelligent redaction and ease of video sharing with legal authorities. The Suwanee PD has been using Digital Ally's solutions since 2008, highlighting the company's reliable partnership in providing advanced safety products.
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