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Telkonet Reports Second Quarter 2021 Financial Results Teleconference and Webcast to be Held Today at 4:30 P.M. EST
Telkonet Reports Second Quarter 2021 Financial Results Teleconference and Webcast to be Held Today at 4:30 P.M. EST.
About this update from Telkonet, Inc.
[{"type":"text","content":"WAUKESHA, WI / ACCESSWIRE / August 16, 2021 / Telkonet, Inc. (OTCQB:TKOI), (the "Company", "Telkonet"), a leader of intelligent automation solutions designed to optimize comfort, operational analytics, and energy efficiency for commercial markets, announces financial results for the quarter ended June 30, 2021. Management will host a teleconference at 4:30pm ET today to discuss these results with the financial community."While Telkonet has improved upon key metrics compared to the prior year, we continue to experience headwinds due to a slowed market recovery," stated Jason Tienor, Telkonet's Chief Executive Officer. "Through management action, receipt of a second PPP loan and the recent transaction signing with VDA Group S.p.A., we believe the Company will weather the current climate and will be positioned for the expected market recovery."Operational Summary:For the three months ended June 30, 2021, product revenues derived from channel partners increased 68% to $1.39 million compared to the prior year period. The increase was primarily driven by two customers.For the three months ended June 30, 2021, the actual gross profit percentage on product revenue increased 32% to 56% compared to the prior year period. The increase in gross profit was primarily attributable to an increase in product revenues of $0.57 million, decreases in logistical expenses of $0.10 million, inventory adjustments of $0.03 million, the use of installation subcontractors of $0.02 million, and lower tariffs imposed on Chinese imports due to the timing of inventory purchases, partially offset by an increase in material costs of $0.04 million.For the six months ended June 30, 2021, the actual gross profit percentage on product revenue increased 19% to 53% compared to the prior year period. The increase in gross profit was primarily attributable to an increase in product revenues of $0.06 million, decreases in material costs of $0.14 million, logistical expenses of $0.10 million, inventory adjustments of $0.08 million and the use of installation subcontractors of $0.13 million.In April 2021, the Company received $0.91 million in proceeds from an unsecured promissory note per a second draw of the Paycheck Protection Program authorized by the Keeping American Workers Employed and Paid Act, which is part of the Coronaviru...