Business
Telkonet Reports Third Quarter 2021 Financial Results
Telkonet Reports Third Quarter 2021 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 15, 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 September 30, 2021. Management will host a teleconference at 4:30pm ET today to discuss these results with the financial community."Although the Company continues to endure numerous headwinds including pandemic-related market recovery, supply chain disruptions and staffing turnover, we've strengthened our position for growth", stated Jason Tienor, Telkonet's Chief Executive Officer. "The impending financing from and our partnership with VDA Group S.p.A, which we reported in our Current Report on Form 8-K dated August 6, 2021, aligns our resources with an internationally recognized guest-room solutions provider and the anticipated liquidity infusion will assist with navigating those headwinds and becoming a leader in our target verticals.Operational Summary:For the three months ended September 30, 2021, product revenues derived from channel partners decreased 45% to $0.93 million compared to the prior year period. The decrease was primarily driven by two customers.For the nine months ended September 30, 2021, product revenues derived from channel partners decreased 10% to $3.24 million compared to the prior year period. The decrease was not driven by any specific customer.For the three months ended September 30, 2021, the actual gross profit percentage on product revenue decreased 11% to 34% compared to the prior year period. The decrease in gross profit was primarily attributable to a decrease in product revenues of $0.76 million and an increase in the use of installation subcontractors of $0.09 million, partially offset by decreases in logistical expenses of $0.07 million and inventory adjustments of $0.03 million.For the nine months ended September 30, 2021, the actual gross profit percentage on product revenue increased 9% to 47% compared to the prior year period. The increase in gross profit was primarily attributable to decreases in material costs of $0.46 million, logistical expenses of $0.17 million and inventory adjustments of $0.11 ...