Business
Acorn Q3 EPS Rises to $0.01 vs. Loss of ($0.08) on 17% Revenue Increase; Signs Generator Dealer Agreement That Could Drive Significant Growth in 2024
Investor Call Today at 11am ET – Dial-in # 1-844-834-0644 WILMINGTON, Del., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN), a provider of
About this update from Acorn Energy, Inc.
[{"type":"text","content":"Investor Call Today at 11am ET – Dial-in # 1-844-834-0644\nWILMINGTON, Del., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN), a provider of remote monitoring and control solutions for backup power generators, gas pipelines, air compressors and other mission- critical assets, announced results for its third quarter ended September 30, 2023 (Q3’23). Acorn generated positive net income and operating cash flow on Q3’23 revenue growth of 17%. Acorn also announced a significant new reseller agreement with a leading US generator dealer. Acorn will host an investor call today at 11:00 a.m. ET (details below). Summary Financial Results ($ in thousands) Q3’23 Q3'22 Change 9M’23 9M'22 ChangeMonitoring revenue$1,083 $958 +13.0% $3,172 $2,914 +8.9%Hardware revenue(1)$1,004 $825 +21.7% $2,637 $2,241 +17.7%Total revenue(2)$2,087 $1,783 +17.0% $5,809 $5,155 +12.7%Gross profit$1,550 $1,215 +27.6% $4,356 $3,719 +17.1%Gross margin 74.3% 68.1% 75.0% 72.1% (1) Q3’23 and 9M’23 include $150,000 of revenue from sales of the new version of our products with updated functionality that was launched September 1, 2023, for which the revenue is recognized when the unit is shipped.(2) All of Acorn’s revenue is derived from its 99%-owned operating subsidiary, OmniMetrix. Non-GAAP MeasureReconciliation of GAAP Revenue to Cash-Basis Revenue** ($ in thousands) Q3’23 Q3'22 9M’23 9M'22 Total GAAP revenue$2,087 $1,783 $5,809 $5,155 Less: Amortization of deferred revenue (1,711) (1,589) (4,993) (4,572) Plus: Sales recorded to deferred revenue 1,555 2,007 5,033 5,232 Other adjustments and write-offs 2 1 57 32 Total cash-basis revenue **$1,933 $2,202 $5,906 $5,847 Year-over-year change -12.2% +1.0% **See definition of Non-GAAP measure below. CEO CommentaryJan Loeb, Acorn’s CEO, commented, “Acorn achieved its second consecutive quarter of positive cash flow and net income in Q3’23 with a 17% increase in total revenue, demonstrating the strength and resiliency of our value proposition and the growing scale of our recurring revenue model. Our performance was achieved despite $102,000 of one-time expenses (approximately $0.04 per share) related to the 1-for-16 reverse split successfully completed during the quarter. “As we have noted, the reverse split was intended to make our common stock accessible to a broader base of investors. Given our strong opera...