Acorn Energy Q2 net income $96k, revenue up 22% to $1.97M; backlog record $6.4M

ACORN ENERGY, INC.

2023-Q2 EPS reported $0.00 revenue$3,722,000

Q2 GAAP revenue $1.97M (+22% YoY); hardware revenue +39% on True Guard monitors for generators.
Net income $96k vs loss $223k in Q2'22; EPS $0.00 vs ($0.01); positive operating cash flow $155k in H1.
Cash-basis revenue growth 33%; record backlog $6.4M, >60% to be recognized as revenue within one year.
No debt; cash $1.57M; gross margin 75.5% (93% on monitoring, 55% on hardware).
CEO expects full-year profitability if 20% annual cash-revenue growth target is achieved.

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 second quarter ended June 30, 2023 results: revenue $1,973,000, net income $96,000, or $0.00 per share, EPS $0.00 per share.

Period: second quarter ended June 30, 2023
Revenue: $1,973,000
Net income: $96,000, or $0.00 per share
EPS: $0.00 per share
Result: reported results

Exact text from the filing

on our progress in this initiative, which we expect to be a very important revenue and profitability driver for our business moving forward.” Financial Review Q2’23 revenue of $1,973,000 rose 22% from Q2’22 revenue of $1,621,000, driven by a 39% increase in hardware revenue, primarily for True Guard Pro (C&I) and True Guard 2 (residential) generator monitoring

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Source: SEC EDGAR

accession 0001493152-23-027459

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