Acorn Energy Q1 net loss narrows to $85,000; monitoring revenue grows 3.4% YoY

ACORN ENERGY, INC.

2024-Q1 EPS reported -$0.03 revenue$1,749,000

Q1 revenue $1.749M flat YoY; monitoring revenue $1.024M (+3.4%), hardware $725M (-4.7%).
Gross margin improved to 75.2% (71.8% Q1'22) on higher-margin monitoring and C&I product mix.
Net loss attributable to Acorn improved to ($85,000) from ($123,000); $0.00 per share.
Record deferred revenue backlog of $6.2M; 65% ($4.0M) expected recognized in rest of 2023.
Cash $1.346M, no long-term debt; management targets 20% annual cash-basis revenue growth.

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 0.7

ACORN ENERGY, INC. reported financial results for first quarter ended March 31, 2023 (Q1'23).

Period: first quarter ended March 31, 2023 (Q1'23)
Result: reported results

Exact text from the filing

On May 11, 2023, the Registrant issued a press release announcing its 2023 first quarter results. The press release is attached as Exhibit 99.1 hereto.

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ACORN ENERGY, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-016294

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