Acorn Energy Q3 revenue up 5% to $1.78M, net loss of $210K vs profit year ago

ACORN ENERGY, INC.

2023-Q3 EPS reported -$0.22 revenue$5,155,000

Net loss attributable to Acorn shareholders of $210K ($0.01/sh) vs net income $23K in Q3'21; cash $1.12M, no debt.
Total revenue $1.78M (+4.5% YoY); hardware +18% to $825K, monitoring -4.7% to $958K.
Gross margin declined to 68.1% from 72.8% due to higher hardware mix and $31K component write-off.
Cash-basis revenue up 5.6% to $2.20M; CEO expects strong finish to 2022.
Partnered with CPower for demand response programs that could more than double profitability on enrolled customers.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ACORN ENERGY, INC. reported its third quarter (Q3’22) ended September 30, 2022 results: revenue $1,783,000, net income ($210,000), or ($0.01) per share, EPS ($0.01) per share.

Period: its third quarter (Q3’22) ended September 30, 2022
Revenue: $1,783,000
Net income: ($210,000), or ($0.01) per share
EPS: ($0.01) per share
Result: reported results

Exact text from the filing

of cash, $0.9 million of receivables, and no outstanding debt. We continue to be well-positioned to fund our growth needs.” Financial Highlights ● Q3’22 revenue rose 5% to $1,783,000, reflecting an 18% increase in hardware revenue and a 5% decrease in monitoring revenue compared to Q3’21. Hardware revenue growth was primarily driven by a large hardware order

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ACORN ENERGY, INC. reported the first nine months of 2022 results: revenue $5,155,000, net income ($556,000), or ($0.01) per share, EPS ($0.01) per share.

Period: the first nine months of 2022
Revenue: $5,155,000
Net income: ($556,000), or ($0.01) per share
EPS: ($0.01) per share
Result: reported results

Exact text from the filing

customer during the quarter, while the monitoring revenue decrease was due to discontinued connections as a result of sunsetting 3G technology. Revenue increased 3% to $5,155,000 in the first nine months of 2022 compared to the 2021 period, as hardware revenue rose 13% and monitoring revenue declined 4%, also reflecting the impact of 3G sunsetting. ●

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ACORN ENERGY, INC. filing history →

Source: SEC EDGAR

accession 0001493152-22-031228

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