Acorn Energy Q1 cash-basis revenue up 25.7% YoY; GAAP revenue $1.75M, gross margin 72%

ACORN ENERGY, INC.

Cash-basis revenue (non-GAAP) grew 25.7% to $2.05M in Q1'22, driven by hardware sales and 3G sunset upgrades.
GAAP revenue $1.75M (+2.7% YoY); gross margin improved to 71.8% from 71.0% despite cost increases.
Operating loss of $122K vs operating income of $26K in Q1'21 due to higher SG&A and R&D costs.
Cash at quarter-end $1.78M; operating cash flow $221K, up from $68K a year ago.
Over $70M NOL carryforwards expected to shield cash taxes for the foreseeable future.

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