secwatch.observer — SEC 8-K summary
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Issuer:     Algorhythm Holdings, Inc. (RIME)
CIK:        0000923601
Form:       8-K
Filed at:   2023-11-21T23:59:59+00:00
Accession:  0001493152-23-042363
Event type: earnings
Sentiment:  negative
Materiality: 0.55
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923601/000149315223042363/0001493152-23-042363-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923601/000149315223042363/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-042363

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer