Singing Machine reports Q2 FY2024 revenue $15.9M, net income $0.1M vs $0.6M YoY

Algorhythm Holdings, Inc.

2024-Q3 EPS reported -$1.44 revenue$21,939,000

Revenue decreased 7% to $15.9M from $17.1M year-over-year due to backlog and co-op accrual.
Gross margin improved to 23.2% from 22.5% on product mix and lower freight costs.
Net income fell to $0.1M from $0.6M on lower sales and higher operating expenses.
Ended quarter with $3.2M cash, positive working capital $8.7M, no material debt.
Transitioned to outsourced logistics model expected to reduce future warehousing and staffing costs.

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 0.95

Algorhythm Holdings, Inc. reported the three months ended September 30, 2023 results: revenue $15.9 million, net income $0.1 million.

Period: the three months ended September 30, 2023
Revenue: $15.9 million
Net income: $0.1 million
Result: reported results

Exact text from the filing

Revenues for the 3 months ended September 30, 2023 were $15.9 million, as compared to $17.1 million for the same period in the prior year.

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Algorhythm Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-042363

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