QUALSTAR CORP - QBAK STOCK NEWS

Qualstar (OTC: QBAK) reported its Q2 2024 financial results, highlighting a 26% increase in revenue to $2.37 million compared to Q2 2023. The company achieved positive Adjusted EBITDA of $38,000 for the quarter, an improvement from ($197,000) in the same period last year. However, Qualstar reported a net loss of $327,000 or $0.23 per share. For the first half of 2024, revenue increased by 14.3% to $4.65 million.

The company's power supplies business saw growth, offset by lower revenues from the data storage segment. Qualstar warned of an expected significant revenue reduction in its power supplies business for the remainder of 2024 due to the completion of existing orders from a legacy customer. The company has implemented cost reductions to target breakeven operations. Qualstar ended the quarter with $2.4 million in cash and cash equivalents and continues to pursue acquisitions in the data management software and hardware systems spaces.

Qualstar (OTC Markets: QBAK) has announced a strategic update, highlighting its plans to pursue acquisitions in the data management software and hardware systems sectors. The company, known for its scalable automated magnetic tape libraries and high-efficiency power supplies through its N2Power subsidiary, aims to capitalize on the burgeoning data storage market, projected to grow from $57 billion in 2022 to $150 billion by 2032. With a strong financial footing, no debt, and consistent profitability, Qualstar plans to expand its product offerings, targeting the increasing demands of the global datasphere. The company has a rich history since its founding in 1984 and serves a diverse range of industries.

Qualstar Corporation (QBAK) reported a 247% increase in net income year over year, with revenues up by 20.5% in the fourth quarter of 2023. The company also saw a 31.3% rise in earnings per share and a 9.5% compound annual growth rate in revenue since 2020. Qualstar has no debt and a net book value of $3.46 per common share, with plans to list its common stock on a securities exchange.

Qualstar Corporation (QBAK) appoints Albert Saraie as Strategic Advisor to focus on international sales expansion. With over 20 years of experience in the data storage industry, Saraie has a successful track record of establishing partnerships and driving multi-year sales growth. His expertise in developing channel sales and reseller partnerships is expected to accelerate Qualstar's revenue growth internationally.

Qualstar Corporation (QBAK) announced a reverse stock split of 1-for-1,000 shares on September 26, 2022, followed by a forward stock split of 1,000-for-1 on the same day. This Reverse/Forward Split aims to adjust the company's stock structure without affecting shareholder equity percentages. A 'D' will be added to the ticker for 20 business days post-split. Fractional shares will be converted to a cash payment of $2.25 each, while holders of 1,000 shares or more will maintain their share count. The changes were approved by the Board and shareholders on June 27, 2022.

Qualstar Corporation (OTC Pink: QBAK) announced a planned 1-for-1,000 reverse stock split followed by a 1,000-for-1 forward stock split. Both splits, collectively termed the Reverse/Forward Split, have received board and majority shareholder approval and await sanction from the California Secretary of State, expected within 7-10 business days. The reverse split will convert 1,000 pre-split shares into one post-split share, with fractional shares compensated at $2.25 each. The forward split will restore the total share count without affecting shareholders' percentage ownership.

BKF Capital Group, Inc. (OTC: BKFG) announced that its subsidiary, Bronson Financial LLC, has become a FINRA member, enabling it to operate as an investment banking firm. Bronson Financial will focus on providing investment banking services to emerging growth and middle-market companies, including M&A advisory, capital raising, fairness opinions, and valuations. Led by founder Steven N. Bronson, with nearly 40 years in business, the firm aims to treat clients as partners. BKF Asset Holdings, the parent company, invests in notable firms like Interlink Electronics (NASDAQ: LINK) and Qualstar (OTC: QBAK).

Qualstar Corporation (OTC Markets: QBAK) has appointed Mark Tobin as an independent director, succeeding longtime board member Leonard Hagan. Tobin brings 24 years of experience in finance and operations, particularly in U.S./China transnational operations, which will support Qualstar's strategic expansion into the Chinese market. CEO Steven N. Bronson expressed enthusiasm for Tobin's expertise, expecting it to be vital in executing the company's business strategy amid rising global demand for data storage solutions.