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Vislink Technologies(VISL) - 2024 Q3 - Quarterly Results
VISLVislink Technologies(VISL)2024-11-14 12:42

Revenue Performance - Year-to-date revenue increased by 26% year-over-year to 24.4million[2]−RevenueforQ32024was24.4 million[2] - Revenue for Q3 2024 was 7.1 million, slightly down from 7.2millioninQ32023[2]−RevenueforthethreemonthsendedSeptember30,2024,was7.2 million in Q3 2023[2] - Revenue for the three months ended September 30, 2024, was 7,066,000, a decrease of 1.57% compared to 7,179,000forthesameperiodin2023[15]ProfitabilityandLoss−NetlossforQ32024was7,179,000 for the same period in 2023[15] Profitability and Loss - Net loss for Q3 2024 was (3.0) million, or (1.22)pershare,comparedto(1.22) per share, compared to (2.0) million, or (0.83)pershare,inQ32023[2]−NetlossforthethreemonthsendedSeptember30,2024,was(0.83) per share, in Q3 2023[2] - Net loss for the three months ended September 30, 2024, was (3,010,000), compared to (1,970,000)forthesameperiodin2023,representinganincreaseinlossof52.7(1,970,000) for the same period in 2023, representing an increase in loss of 52.7%[15] - Comprehensive loss for the three months ended September 30, 2024, was (2,444,000), compared to (2,334,000)forthesameperiodin2023[15]OperatingExpenses−TotaloperatingexpensesforthethreemonthsendedSeptember30,2024,were(2,334,000) for the same period in 2023[15] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were 10,326,000, an increase of 9.05% from 9,470,000inthesameperiodof2023[15]−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024,increasedto9,470,000 in the same period of 2023[15] - Research and development expenses for the three months ended September 30, 2024, increased to 1,160,000, up 44.2% from 805,000inthesameperiodof2023[15]CashandInvestments−Cashandshort−terminvestmentswere805,000 in the same period of 2023[15] Cash and Investments - Cash and short-term investments were 9.2 million as of September 30, 2024, down from 11.5millionatJune30,2024[2]CostSavingsInitiatives−Arestructuringinitiativeisexpectedtoachieveover11.5 million at June 30, 2024[2] Cost Savings Initiatives - A restructuring initiative is expected to achieve over 6 million in annualized cost savings starting in Q4 2024[4] Product Development - The company launched the 5G DragonFly V transmitter, designed for high-quality video transmission from various devices[4] Market Opportunities - Management anticipates continued growth opportunities in the MilGov sector despite current market dynamics[6] Other Financial Metrics - Gross margin decreased to 51% in Q3 2024 from 54% in the prior year[2] - EBITDA for the three months ended September 30, 2024, was (2,829,000),comparedto(2,829,000), compared to (2,020,000) for the same period in 2023, indicating a worsening of 40%[16] - Non-GAAP adjusted EBITDA for the three months ended September 30, 2024, was (2,439,000),animprovementfrom(2,439,000), an improvement from (2,781,000) in the same period of 2023[16] - Total other income for the three months ended September 30, 2024, was 243,000,aslightdecreasefrom243,000, a slight decrease from 266,000 in the same period of 2023[15] - Inventory valuation adjustments for the three months ended September 30, 2024, were 310,000,anincreasefrom310,000, an increase from 176,000 in the same period of 2023[15] Orders and Contracts - An initial order of $340,000 was received from the U.S. Department of Homeland Security[3] ERP System Implementation - The new ERP system aims to improve efficiency and decision-making through real-time data access[3]