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Vaso Corp (VASO) delivers industrial technology solutions through engineered systems and operational excellence. This news hub provides investors with direct access to verified corporate updates, financial disclosures, and strategic developments.
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Vaso (OTCQX: VASO) reported its Q4 and full-year 2024 financial results, achieving record annual revenue of $86.8 million, up 7% year-over-year. The company's Q4 2024 revenue increased 23.4% to $27.0 million, with growth across all business segments.
Key financial highlights for 2024:
- Gross profit increased 2.9% to $52.1 million
- Net income decreased to $1.0 million from $4.8 million in 2023
- Operating cash flow of $3.3 million
- Cash and equivalents of $26.3 million
- Deferred revenue grew 8% to $34.9 million
The decline in net income was primarily attributed to higher operating expenses, including investments in new programs and strategic activities. SG&A expenses increased 8.7% to $49.0 million, representing 56.5% of revenue.
Vaso (OTCQX: VASO) reported its Q4 and full-year 2024 financial results, achieving record annual revenue of $86.8 million, a 7% increase from 2023. Despite revenue growth, net income decreased to $1.3 million from $4.8 million in 2023 due to higher operating expenses.
Q4 2024 revenue increased 23.4% to $27.0 million, with growth across all segments: IT segment up 13.6% to $11.1 million, professional sales service up 31.2% to $15.0 million, and equipment segment up 31% to $921 thousand. The company maintained strong cash position with $26.3 million in cash and equivalents, while generating $3.3 million in operating cash flow during 2024.
Total deferred revenue grew 8% to $34.9 million, while adjusted EBITDA decreased to $1.4 million from $5.1 million in 2023. SG&A expenses increased 7.9% to $48.6 million, primarily due to higher personnel costs and expenses related to a terminated business combination transaction with Achari.
Vaso (OTCQX: VASO) announced key executive leadership changes effective January 1, 2025. Jane Moen, who has served as a Director since 2020, was appointed Chief Operating Officer while retaining her role as President of VasoHealthcare. Jonathan Newton was promoted to Chief Financial Officer from Co-Chief Financial Officer, with Michael Beecher transitioning to a financial and investor relations advisory role.
Additionally, Edgar Rios, who has served as an independent Director since 2011, was elected Vice Chairman of the Board of Directors and will continue as Chairman of the Board's Audit Committee. The company also appointed Kimberly Decker of Barley Snyder LLP as new corporate and securities outside counsel.
CEO Dr. Jun Ma emphasized these changes align with Vaso's human capital mission and 2025 strategy, focusing on organic growth across their diversified portfolio in human capital, MedTech, and information technology businesses.
Vaso (OTCQX: VASO), a company focused on human capital, information technology, and MedTech sectors, has released a shareholder and employee letter on December 16, 2024. The letter outlines the company's achievements throughout the year and presents strategic developments and priorities for 2025. The communication covers operational developments, product updates, financial performance, and thought-leadership initiatives, with details available on the company's website.
Vaso (OTCQX: VASO) reported Q3 2024 financial results with revenue of $20.8 million, up 7% from $19.4 million in Q3 2023, driven by growth in network services. However, the company recorded an operating loss of $1.4 million compared to operating income of $907,000 in Q3 2023. The company maintains a strong balance sheet with $26.8 million in cash and investments, and generated $3.6 million in operating cash flow during the first nine months. Deferred revenue increased by $1.4 million to $33.1 million. The net loss for Q3 2024 was $1.2 million, compared to net income of $1.2 million in Q3 2023, primarily due to business combination costs of $1.5 million.
Vaso (OTCQX: VASO) has announced the termination of its Business Combination Agreement with Achari Ventures Holdings Corp. I. The company, based in Plainview, N.Y., made this decision on September 18, 2024. Vaso stated that it will continue to pursue opportunities to enhance stockholder value through various means, including:
- Internal growth
- New partnerships
- Strategic investments
The company's focus will remain on medical and IT service companies as it seeks to expand its business and create value for shareholders.
Vaso (OTCQX: VASO) has announced a change in the date of its special stockholders meeting. Originally scheduled for August 26, 2024, the meeting has been adjourned without considering any proposals. The new date is set for September 10, 2024, at 10:00 AM Eastern. The location remains the same: the Lever House at 390 Park Avenue, New York, NY 10022.
The company stated that this postponement, occurring after the Labor Day holiday, is intended to provide more stockholders with the opportunity to attend the meeting in person. This decision reflects Vaso's commitment to maximizing shareholder participation in important corporate decisions.
Vaso (OTCQX: VASO) reported its Q2 2024 financial results, with total revenue of $20.2 million, slightly down from $20.3 million in Q2 2023. The company's IT segment saw a 1% increase, while the professional sales service segment remained flat. The equipment segment experienced a 30% decrease. Gross profit decreased by 4% to $12.2 million. Net income for Q2 2024 was $1.2 million, down from $2.0 million in Q2 2023. Adjusted EBITDA was $1.2 million, compared to $2.1 million a year ago.
Despite lower earnings, Vaso maintains a strong financial position with $25.7 million in cash and cash equivalents. The company's deferred revenue stands at $31.7 million, with a multi-year high backlog of $39.4 million in the IT segment, indicating potential for future growth. Vaso is pursuing a NASDAQ listing through a proposed business combination with Achari Ventures Holdings Corp. I, with a special stockholders meeting scheduled for August 26, 2024.
Vaso (OTCQX: VASO) announced the SEC's approval of Achari Ventures Holdings Corp. I's (NASDAQ: AVHI) S-4 Registration Statement for their proposed business combination. Post-merger, the company will be renamed Vaso Holdings Corp. and listed on NASDAQ. Current Vaso stockholders will own 94-96% of the new entity, valued at approximately $176 million at closing.
Dr. Jun Ma, Vaso's President and CEO, highlighted the company's recent financial performance: annual revenues of $75.2M, $79.3M, and $81.0M in 2021, 2022, and 2023, respectively, with operating incomes of $2.5M, $6.5M, and $4.2M. The company has cash reserves of about $25 million. A special stockholders meeting is scheduled for August 26, 2024, to approve the business combination.
Vaso (OTCQX: VASO) announced its financial results for Q1 2024. Total revenue was $18.7 million, a 1.6% decrease year-over-year primarily due to lower equipment sales. Gross profit fell by 5.6% to $10.9 million, while SG&A expenses rose by 9.4% to $12.2 million. The company reported a net loss of $1.2 million and an adjusted EBITDA of negative $1.3 million. Despite these losses, Vaso's operating cash flow improved by $0.8 million year-over-year, and the company maintained a strong financial position with $26.0 million in cash and short-term investments as of May 3, 2024.
