secwatch.observer — SEC 8-K summary
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Issuer:     KonaTel, Inc. (KTEL)
CIK:        0000845819
Form:       8-K
Filed at:   2024-05-16T23:59:59+00:00
Accession:  0001515971-24-000057
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

KonaTel Q1 revenue up 40% to $5.6M; GAAP net income $8.1M on $9.2M gain from sale of 49% of IM Telecom
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- Revenue $5.6M (+40% YoY); gross profit $1.1M (20.0% margin).
- GAAP net income $8.1M ($0.19/diluted share) includes $9.2M gain on sale of 49% stake in IM Telecom.
- Non-GAAP net loss $(834k) ($0.02/share) vs $(608k) loss in Q1 2023.
- Cash $3.9M (up from $777k Dec 2023); all outstanding debt repaid using proceeds from IM sale.
- Pending five-year exclusive agreement to provide wholesale cellular service to Viva-USA.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/845819/000151597124000057/0001515971-24-000057-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/845819/000151597124000057/ktel8k051524.htm
  HTML page:      https://secwatch.observer/filing/0001515971-24-000057

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