Acorn’s 2024 Net Income Rises to $2.51 Per Share, Including $1.77 Per Share in Deferred Income Tax Benefit, vs. $0.05 Per Share in 2023, on 36% Revenue Increase; Announces Plan to Pursue Uplisting to Nasdaq Capital Market
Summary Financial Results (1) ($ in thousands) Q4’24 Q4’23 % Change 2024 2023 % ChangeMonitoring revenue$1,203 $1,090 +10.4% $4,553 $4,262 +6.8%Hardware revenue$2,326 $1,160 +100.5% $6,433 $3,797 +69.4%Total revenue$3,529 $2,250 +56.8% $10,986 $8,059 +36.3%Gross margin 72.4% 73.2%-80 bps 72.8% 74.5%-170 bpsNet income to stockholders (2)$5,233 $84 nm (3) $6,294 $119 nm (3)Net income per diluted share (2)$ 2.08 $ 0.03 nm (3) $ 2.51 $ 0.05 nm (3) (1) All of Acorn’s revenue is derived from its 99%-owned operating subsidiary, OmniMetrix™, LLC.(2) Includes $4.4M deferred income tax benefit or $1.77 per diluted share for Q4’24 and 2024.(3) The percentage change is not meaningful because net income in the prior-year periods was near zero. CEO CommentaryJan Loeb, Acorn’s CEO, commented, "I’m very proud of the revenue, net income and cash generation growth our team achieved in 2024.
Investor Call Today at 11am ETWILMINGTON, Del., March 06, 2025 (GLOBE NEWSWIRE) -- Acorn Energy, Inc.(OTCQB: ACFN), a provider of remote monitoring and control IoT solutions for backup power generators, gas pipelines, air compressors and other mission critical assets, announced results for its fourth quarter (Q4’24) and full-year periods ended December 31, 2024, which included a $4.4M non-cash benefit for deferred income taxes.
AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(IN THOUSANDS, EXCEPT PER SHARE DATA) Years endedDecember 31, Three months endedDecember 31, 2024 2023 2024 2023 Revenue$10,986 $8,059 $3,529 $2,250 COGS 2,987 2,055 973 602 Gross profit 7,999 6,004 2,556 1,648 Operating expenses: Research and development expense (R&D) 1,012 875 314 261 Selling, general and administrative (SG&A) expense 5,050 5,055 1,397 1,309 Total operating expenses 6,062 5,930 1,711 1,570 Operating income 1,937 74 845 78 Interest income, net 73 64 20 18 Income before income taxes 2,010 138 865 96 Current state tax expense (123) (9) (56) (9)Deferred income tax benefit 4,435 –– 4,435 –– Net income 6,322 129 5,244 87 Non-controlling interest share of income (28) (10) (11) (3)Net income attributable to Acorn Energy, Inc.stockholders:$6,294 $119 $5,233 $84 Net income per share attributable to Acorn Energy, Inc.stockholders – basic$2.53 $0.05 $2.10 $0.03 Net income per share attributable to Acorn Energy, Inc.stockholders – diluted$2.51 $0.05 $2.08 $0.03 Weighted average number of shares outstanding attributable to Acorn Energy, Inc.stockholders – basic 2,487 2,484 2,489 2,485 Weighted average number of shares outstanding attributable to Acorn Energy, Inc.stockholders – diluted 2,512 2,503 2,513 2,532 ACORN ENERGY, INC.
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