Vaso Corporation Announces Financial Results for Second Quarter 2024
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) ha riportato i risultati finanziari per il Q2 2024, con un fatturato totale di 20,2 milioni di dollari, leggermente in calo rispetto ai 20,3 milioni di dollari del Q2 2023. Il segmento IT dell'azienda ha registrato un incremento dell'1%, mentre il segmento dei servizi di vendita professionale è rimasto invariato. Il segmento attrezzature ha subito una diminuzione del 30%. Il profitto lordo è diminuito del 4%, attestandosi a 12,2 milioni di dollari. Il reddito netto per il Q2 2024 è stato di 1,2 milioni di dollari, in calo rispetto ai 2,0 milioni di dollari del Q2 2023. L'EBITDA rettificato è stato di 1,2 milioni di dollari, rispetto ai 2,1 milioni di dollari dell'anno precedente.
Nonostante i profitti inferiori, Vaso mantiene una solida posizione finanziaria con 25,7 milioni di dollari in contante e equivalenti di cassa. I ricavi differiti dell'azienda ammontano a 31,7 milioni di dollari, con un backlog record di 39,4 milioni di dollari nel segmento IT, indicando un potenziale di crescita futura. Vaso sta perseguendo una quotazione al NASDAQ attraverso una proposta di combinazione aziendale con Achari Ventures Holdings Corp. I, con un'assemblea speciale degli azionisti programmata per il 26 agosto 2024.
Vaso (OTCQX: VASO) reportó sus resultados financieros del segundo trimestre de 2024, con ingresos totales de 20,2 millones de dólares, ligeramente por debajo de los 20,3 millones de dólares en el segundo trimestre de 2023. El segmento de TI de la empresa vio un aumento del 1%, mientras que el segmento de servicios de ventas profesionales se mantuvo estable. El segmento de equipos experimentó una disminución del 30%. El beneficio bruto disminuyó un 4% a 12,2 millones de dólares. La ganancia neta para el segundo trimestre de 2024 fue de 1,2 millones de dólares, en comparación con los 2,0 millones de dólares en el segundo trimestre de 2023. El EBITDA ajustado fue de 1,2 millones de dólares, en comparación con los 2,1 millones de dólares del año anterior.
A pesar de las menores ganancias, Vaso mantiene una sólida posición financiera con 25,7 millones de dólares en efectivo y equivalentes de efectivo. Los ingresos diferidos de la compañía son de 31,7 millones de dólares, con un backlog récord de 39,4 millones de dólares en el segmento de TI, lo que indica un potencial para el crecimiento futuro. Vaso está persiguiendo una cotización en NASDAQ a través de una propuesta de combinación empresarial con Achari Ventures Holdings Corp. I, con una reunión especial de accionistas programada para el 26 de agosto de 2024.
바소(VASO, OTCQX: VASO)는 2024년 2분기 재무 결과를 발표했으며, 총 수익은 2020만 달러로 2023년 2분기의 2030만 달러에서 약간 감소했습니다. 회사의 IT 부문은 1% 증가했으나, 전문 판매 서비스 부문은 변동이 없었습니다. 장비 부문은 30% 감소하였습니다. 총 이익은 1220만 달러로 4% 감소하였습니다. 2024년 2분기 순이익은 120만 달러로, 2023년 2분기의 200만 달러에서 감소하였습니다. 조정된 EBITDA는 120만 달러로, 작년의 210만 달러와 비교됩니다.
수익 감소에도 불구하고, 바소는 2570만 달러의 현금 및 현금성 자산을 보유하여 견고한 재무 상태를 유지하고 있습니다. 회사의 이연 수익은 3170만 달러이며, IT 부문에서는 3940만 달러의 다양한 연령 기록 백로그가 있어 미래 성장 잠재력을 나타내고 있습니다. 바소는 Achari Ventures Holdings Corp. I와의 사업 결합을 통해 NASDAQ 상장을 추구하고 있으며, 2024년 8월 26일에 주주 특별 회의가 예정되어 있습니다.
Vaso (OTCQX: VASO) a annoncé ses résultats financiers pour le deuxième trimestre 2024, avec un revenu total de 20,2 millions de dollars, légèrement inférieur aux 20,3 millions de dollars du deuxième trimestre 2023. Le segment informatique de l'entreprise a connu une augmentation de 1 %, tandis que le segment des services de vente professionnels est resté stable. Le segment équipements a subi une baisse de 30 %. Le bénéfice brut a diminué de 4 % pour atteindre 12,2 millions de dollars. Le revenu net pour le deuxième trimestre 2024 était de 1,2 million de dollars, en baisse par rapport à 2,0 millions de dollars au deuxième trimestre 2023. L'EBITDA ajusté s'élevait à 1,2 million de dollars, contre 2,1 millions de dollars un an auparavant.
Malgré une baisse des bénéfices, Vaso maintient une solide position financière avec 25,7 millions de dollars en espèces et équivalents. Les revenus reportés de l'entreprise s'élèvent à 31,7 millions de dollars, avec un carnet de commandes record de 39,4 millions de dollars dans le segment informatique, indiquant un potentiel de croissance future. Vaso cherche à se cotiser au NASDAQ par le biais d'une combinaison commerciale proposée avec Achari Ventures Holdings Corp. I, avec une assemblée spéciale des actionnaires prévue pour le 26 août 2024.
Vaso (OTCQX: VASO) hat seine Finanzzahlen für das 2. Quartal 2024 veröffentlicht, mit einem Gesamterlös von 20,2 Millionen USD, leicht unter den 20,3 Millionen USD im 2. Quartal 2023. Der IT-Sektor des Unternehmens verzeichnete einen Anstieg von 1%, während der Bereich der professionellen Verkaufsdienstleistungen stabil blieb. Der Bereich Equipment erlebte einen Rückgang von 30%. Der Bruttogewinn sank um 4% auf 12,2 Millionen USD. Der Nettogewinn für das 2. Quartal 2024 betrug 1,2 Millionen USD, ein Rückgang im Vergleich zu 2,0 Millionen USD im 2. Quartal 2023. Das bereinigte EBITDA belief sich auf 1,2 Millionen USD, gegenüber 2,1 Millionen USD im Vorjahr.
Trotz niedrigerer Einnahmen verfügt Vaso über eine starke Finanzlage mit 25,7 Millionen USD in Bar- und Zahlungsmitteläquivalenten. Die aufgeschobenen Einnahmen des Unternehmens belaufen sich auf 31,7 Millionen USD, mit einem Rekordauftragsbestand von 39,4 Millionen USD im IT-Sektor, was auf zukünftiges Wachstumspotenzial hinweist. Vaso strebt eine NASDAQ-Notierung durch eine vorgeschlagene Unternehmenszusammenführung mit Achari Ventures Holdings Corp. I an, mit einer außerordentlichen Hauptversammlung der Aktionäre, die für den 26. August 2024 geplant ist.
- Strong cash position of $25.7 million as of June 30, 2024
- High deferred revenue of $31.7 million in professional sales service segment
- Multi-year high backlog of $39.4 million in IT segment
- 1% revenue growth in IT segment
- Positive cash flow from operating activities of $2.8 million in Q2 2024
- Potential NASDAQ listing through proposed business combination
- Slight decrease in total revenue to $20.2 million in Q2 2024
- 4% decrease in gross profit to $12.2 million
- 30% decrease in equipment segment revenue
- 2% increase in selling, general and administrative expenses
- Net income decreased to $1.2 million from $2.0 million in Q2 2023
- Adjusted EBITDA decreased to $1.2 million from $2.1 million year-over-year
High deferred revenue and backlog setting stage for 2024 revenue and income growth
PLAINVIEW, N.Y., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Vaso Corporation (“Vaso”) (OTCQX: VASO) today reported its operating results for the three months ended June 30, 2024.
“The Company recorded a total revenue of
“As stated before, we are a seasonal business in that a substantial amount of our revenue and income is usually generated in the last six months of any year. We are optimistic about the Company’s performance for the remainder of the year, as both top- and bottom-line numbers are tracking ahead of our 2024 goals year-to-date. We also continue to generate positive cashflow from operating activities, in the amount of
“With regard to listing on NASDAQ, we anticipate it will afford the Company the opportunity of broadening its stockholder base as institutional investors have a very limited interest in OTC stocks. We also believe that, based on the historical performance and financial fundamentals of the Company, our common stock is undervalued as it is subject to trading restrictions under the penny stock rules which impose certain sales practice requirements on broker-dealers in transactions involving our stock. In addition, listing on NASDAQ should assist the Company in its goal of expanding operations through internal growth, new partnerships, and strategic investments with a concentration on medical and IT service companies,” concluded Dr. Ma. “A special stockholders meeting has been scheduled for August 26, 2024 in New York City to seek stockholders’ approval of the business combination, and I look forward to seeing you then.”
Financial Results for Three Months Ended June 30, 2024
For the three months ended June 30, 2024, total revenue decreased slightly to
Gross profit for the second quarter of 2024 was
Selling, general and administrative (SG&A) expenses for the second quarter of 2024 increased
Net income for the three months ended June 30, 2024 was
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation) was
Net cash provided by operating activities in the first six months of 2024 was
About Vaso
Vaso Corporation is a diversified medical technology company operating in three business segments:
- IT Segment provides network and IT services through two operating units: NetWolves Network Services, a managed network services provider with an extensive, proprietary service platform to a broad base of customers; and VHC-IT, a service provider for healthcare application solutions from various vendors as well as related services, including implementation, management and support.
- Professional Sales Service Segment provides sales service of capital medical equipment through a wholly owned subsidiary VasoHealthcare, currently serving as the exclusive sales representative of GE HealthCare diagnostic imaging and ultrasound products and services in certain market segments in the USA.
- Equipment Segment manages and coordinates the design, manufacture and sales of proprietary medical equipment and software, as well as operates the Company's overseas assets including China-based subsidiaries.
Additional information is available on the Company's website at www.vasocorporation.com.
Summarized Financial Information
| FOR THE THREE MONTHS ENDED | FOR THE SIX MONTHS ENDED | ||||||||||||||
| STATEMENTS OF OPERATIONS | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||
| (In thousands) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Revenue | $ | 20,226 | $ | 20,323 | $ | 38,963 | $ | 39,359 | |||||||
| Gross profit | 12,151 | 12,696 | 23,068 | 24,258 | |||||||||||
| Operating income (loss) | 996 | 1,817 | (473 | ) | 2,079 | ||||||||||
| Other (expense) income, net | 271 | 173 | 579 | 227 | |||||||||||
| Income (loss) before taxes | 1,267 | 1,990 | 106 | 2,306 | |||||||||||
| Income tax expense | (112 | ) | (9 | ) | (124 | ) | (19 | ) | |||||||
| Net income (loss) | $ | 1,155 | $ | 1,981 | $ | (18 | ) | $ | 2,287 | ||||||
| Income tax expense | 112 | 9 | 124 | 19 | |||||||||||
| Interest expense (income), net | (301 | ) | (181 | ) | (600 | ) | (292 | ) | |||||||
| Depreciation and amortization | 226 | 264 | 411 | 537 | |||||||||||
| Non-cash stock-based compensation | 9 | 15 | 18 | 28 | |||||||||||
| Adjusted EBITDA* | $ | 1,201 | $ | 2,088 | $ | (65 | ) | $ | 2,579 | ||||||
*Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation
| BALANCE SHEETS | June 30, 2024 | December 31, 2023 | |||
| (In thousands) | |||||
| (Unaudited) | |||||
| Total current assets | $ | 40,889 | $ | 45,099 | |
| Total assets | $ | 72,063 | $ | 75,757 | |
| Total current liabilities | $ | 26,836 | $ | 30,040 | |
| Total stockholders' equity | $ | 26,721 | $ | 26,843 | |
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “plans”, “potential”, “looking forward”, and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the possibility of a downturn in the US economy and the continued impact of the COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Investor Contact:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com
FAQ
What was Vaso 's revenue for Q2 2024?
How much cash does VASO have as of June 30, 2024?
What is the deferred revenue for VASO's professional sales service segment?
What is VASO's IT segment backlog as of Q2 2024?
When is Vaso 's special stockholders meeting for the proposed business combination?
