Acorn Energy reports Q4 EPS 3c vs. (3c) last year

Reports Q4 revenue $2.25M vs. $1.35M last year. Jan Loeb, Acorn’s CEO, commented, “After years of hard work by the Acorn/OmniMetrix team, in 2023 we achieved our goal of reaching sustainable profitability on continued growth in hardware and monitoring revenue. Leveraging growth in both monitoring and hardware revenue we advanced our full year gross margin to 74.5% in 2023 vs. 72.4% in 2022. “Acorn achieved net income of $84,000, or $0.03 per share, in Q4’23 and $119,000, or $0.05 per share, for the year, compared to net losses in the year ago periods. Our 2023 performance was achieved despite $102,000 of one-time expenses for our 1-for-16 reverse stock-split successfully completed in Q3. Importantly, we believe we are well-positioned for further bottom-line improvement in 2024 and going forward. Considering federal operating loss carryfowards of approximately $69M, we expect our profits to be largely shielded from tax liability, benefitting Acorn’s future cash flows. “Our long-term goal remains the achievement of 20% average annual top-line growth. Although our 2023 growth of 15.1% was below this level, we have a range of business development initiatives and opportunities currently being pursued that we believe should enable us to improve upon our 2023 growth rate in 2024 and potentially exceed our long-term growth goal.