Business
Telkonet Reports Third Quarter 2020 Financial Results
Telkonet Reports Third Quarter 2020 Financial Results.
About this update from Telkonet, Inc.
[{"type":"text","content":"Teleconference and Webcast to be Held Today at 4:30 P.M. ESTWAUKESHA, WI / ACCESSWIRE / November 16, 2020 / Telkonet, Inc. (OTCQB:TKOI), (the "Company", "Telkonet"), an innovation leader in commercial intelligent automation and energy management solutions for Hospitality, Healthcare, Education, Military and Residential markets announces financial results for the quarter ended September 30, 2020. Management will host a teleconference at 4:30pm ET today to discuss these results with the financial community."While the economic environment continued to struggle during the third quarter, Telkonet's performance has demonstrated our ability to successfully identify opportunities, even during a difficult situation," stated Jason Tienor, Telkonet's Chief Executive Officer. "Having shown year-over-year revenue growth during for the third quarter shows promise for what potentially exists in Telkonet's target markets."Operational Summary:For the three- and nine-month periods ended September 30, 2020, revenues increased 2% to $2.24 million and decreased 38% to $5.33 million, respectively, compared to the prior year periods. Two customers accounted for approximately 67% of total product revenues for the three months ended September 30, 2020.Third quarter gross profits increased 26% to $1.09 million and the gross profit percentage increased 10% to 49%, compared to the prior year period. This was primarily driven by an improved gross profit percentage on recurring revenue due to decreases in call center staffing as the Company migrated to a combination of internal and external solutions.For the nine months ended September 30, 2020, the gross profit percentage increased 6% to 44%, compared to the prior year period.Import tariffs for the nine months ended September 30, 2020 resulted in an adverse impact of approximately 7% on gross profits, which is consistent with the prior year period.Telkonet was awarded a $1.0 million, marquis project to be executed across several phases with a renowned casino operator."As the quarter demonstrates, we've begun to recognized value in niche areas and capitalize on the versatility and flexibility of our platform and solutions," continued Tienor. "With our latest hardware and software releases, Telkonet's team continues to capitalize on in...