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iGo, Inc. (OTC PINK: IGOI) announced that Steel Excel Inc., its largest stockholder, has entered stock purchase agreements to acquire shares at $5.50 per share. Post-acquisition, Steel Excel will hold over 90% of iGo's outstanding shares. A merger is planned for January 14, 2022, without a stockholder vote, converting remaining shares into cash at the same price. Following the merger, iGo will be an indirect wholly owned subsidiary of Steel Excel and will cease trading on OTC Markets.
iGo, Inc. (OTC PINK: IGOI) reported its financial results for Q3 and the nine months ending September 30, 2021. Revenue increased to $17.5 million in Q3 2021, up from $15.8 million in Q3 2020. However, net income fell to $0.5 million or $0.07 per share, down from $1.7 million or $0.22 per share year-over-year. For the nine months, revenue rose to $51.6 million from $46.4 million, but net income declined to $2.4 million or $0.30 per share from $3.0 million or $0.38 per share.
The Company has carryforwards of approximately $113.2 million in net operating losses, which may face tax limitations.
iGo, Inc. (OTC PINK: IGOI) reported strong revenue growth in its Q2 2021 results. Revenue reached $18.1 million, an increase from $15.4 million in Q2 2020. Net income also rose to $1.1 million, or $0.14 per share, compared to $0.8 million, or $0.11 per share, in the previous year. For the six months ending June 30, 2021, revenue was $34.1 million, up from $30.6 million year-over-year, with net income at $1.8 million, or $0.23 per share, compared to $1.3 million, or $0.16 per share, in 2020.
iGo, Inc. (OTC PINK: IGOI) reported first-quarter 2021 results, showing a revenue increase to $16.0 million from $15.2 million year-over-year. Net income rose to $0.7 million or $0.09 per share, up from $0.4 million or $0.05 per share in Q1 2020. The company continues to assess the ongoing COVID-19 pandemic's impact on operations and has implemented cost reduction measures, including hiring freezes and salary reductions. Management emphasizes cash management and liquidity to navigate uncertain economic conditions.
iGo, Inc. (OTC PINK: IGOI) reported a 12% increase in fourth-quarter revenue for 2020, totaling $16.4 million, up from $14.6 million in 2019. Net income also rose, reaching $1.4 million or $0.18 per share compared to $0.7 million or $0.09 per share last year. For the year, total revenue increased by 6% to $62.7 million, with net income of $4.4 million or $0.56 per share. The company is closely monitoring COVID-19 impacts and has implemented cost reduction measures, maintaining a focus on cash management and liquidity.
