Business
Acorn’s 2024 Net Income Rises to $2.51 Per Share, Including $1.77 Per Share in Deferred Income Tax Benefit, vs. $0.05 Per Share in 2023, on 36% Revenue Increase; Announces Plan to Pursue Uplisting to Nasdaq Capital Market
Investor Call Today at 11am ET WILMINGTON, Del., March 06, 2025 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN), a provider of remote monitoring and
About this update from Acorn Energy, Inc.
[{"type":"text","content":"Investor Call Today at 11am ET\nWILMINGTON, Del., March 06, 2025 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN), a provider of remote monitoring and control IoT solutions for backup power generators, gas pipelines, air compressors and other mission critical assets, announced results for its fourth quarter (Q4’24) and full-year periods ended December 31, 2024, which included a $4.4M non-cash benefit for deferred income taxes. Acorn also announced that it plans to pursue an uplisting to the Nasdaq Capital Market in the first half of this year. Acorn will hold an investor call today at 11am ET (details below). Summary Financial Results (1) ($ in thousands) Q4’24 Q4’23 % Change 2024 2023 % ChangeMonitoring revenue$1,203 $1,090 +10.4% $4,553 $4,262 +6.8%Hardware revenue$2,326 $1,160 +100.5% $6,433 $3,797 +69.4%Total revenue$3,529 $2,250 +56.8% $10,986 $8,059 +36.3%Gross margin 72.4% 73.2%-80 bps 72.8% 74.5%-170 bpsNet income to stockholders (2)$5,233 $84 nm (3) $6,294 $119 nm (3)Net income per diluted share (2)$ 2.08 $ 0.03 nm (3) $ 2.51 $ 0.05 nm (3) (1) All of Acorn’s revenue is derived from its 99%-owned operating subsidiary, OmniMetrix™, LLC.(2) Includes $4.4M deferred income tax benefit or $1.77 per diluted share for Q4’24 and 2024.(3) The percentage change is not meaningful because net income in the prior-year periods was near zero. CEO CommentaryJan Loeb, Acorn’s CEO, commented, “I’m very proud of the revenue, net income and cash generation growth our team achieved in 2024. Net income, including the deferred income tax benefit of $4.4M, rose to $6.3M, or $2.51 per diluted share, in 2024, building on our achievement of modest profitability in 2023. Acorn’s strong performance and outlook for ongoing profitability required the partial release of the valuation allowance against our deferred tax assets, resulting in the $4.4M non-cash benefit. This valuation benefit represents roughly 28% of our $15.9M in deferred tax assets, with $11.4M remaining in valuation allowance. “We have built a very compelling business model with high margin, annually recurring monitoring revenue, monitoring hardware sales and a blended gross margin of over 70%. We have also been able to manage our cost structure so that over 50% of 2024 incremental revenue contributed directly to our pre-tax profit in 2024. From a balance sheet and cashflow perspec...