WEB NEWS Research
Acorn Energy Inc (NASDAQ:ACFN) ($5.20; $12.6M market cap), a provider of remote monitoring and control systems and Internet of Things (IoT) services, announced Q3 2023 results:
“Our long-term goal remains the achievement of 20% average annual top-line growth. Although we are below that level on a year-to-date basis in 2023, we have a range of business development initiatives in process that we believe should help us reach that goal going forward. Underlying our growth objectives are the substantial efficiency, cost reduction, risk mitigation and environmental benefits that our solutions provide to both commercial and residential customers.”
Reseller Agreement with Leading Commercial Generator Dealer
“This week we finalized a non-exclusive reseller agreement with one of the nation’s largest multi-regional commercial generator dealers. We believe this agreement could yield 2,500 to 3,000 new monitoring connections per year for OmniMetrix, which could represent hardware sales, activation fees and monitoring revenue totaling between $1-2 million per year. Importantly, endpoints added from this relationship are expected to make a meaningful contribution to the growth of our base of recurring monitoring revenue. We expect initial revenue from this relationship to start in the first quarter of 2024 and to build as the program is rolled out across their dealer network.
We are still waiting on the Company to deliver on its stated goals of at least 20% growth on a consistent basis. Hopefully this new commercial reseller agreement, along with the two initiatives discussed in our recent Skull Session chat with CEO will put the company on track to meet this guidance.
Research
Acorn Energy Inc (NASDAQ:ACFN) ($0.30; $11.9M market cap), a provider of remote monitoring and control systems and Internet of Things (IoT) services, announced Q2 2023 results:
Sales of $1.97 million vs $1.62 million in the prior year
EPS of $0.00 vs a loss of $0.01 in the prior year
“Given both the business and environmental benefits of our solutions, we remain confident in our ability to achieve our long-term 20% annual, cash-basis revenue growth goal. We delivered consolidated profitability and positive cash flow in Q2’23, and if we are able to meet our revenue growth goal, we’d expect to be profitable and operating cash-flow positive at the consolidated corporate level for the full year. Our operating company, OmniMetrix, has been profitable since 2019 and remained so through the pandemic.
“We have been working very hard the past several years to position Acorn for sustainable growth and profitability. Given Acorn’s net operating loss carryforwards (NOLs) of over $70M, future profits would be largely shielded from tax liability, further benefiting cash flows as we achieve ongoing profitability.
Research
Acorn Energy Inc (NASDAQ:ACFN) ($0.34; $13.6M market cap), a provider of remote monitoring and control systems and Internet of Things (IoT) services, announced Q1 2023 results:
Sales of $1.74 million vs $1.75 million in the prior year
EPS of $0.00 vs $0.00 in the prior year
“Our Q1 '23 results reflect a return to monitoring revenue growth benefitting our gross margin and bottom line. Our Q1’22 revenue benefited from higher than normal sales of our next-generation wireless monitoring units, driven by the sunsetting of wireless carrier support for 3G technology that occurred in February 2022. Sunsetting also impacted our monitoring revenue as a small percentage of residential customers did not elect to upgrade or went with an OEM competitor, however our Q1 '23 results demonstrate that the period of monitoring revenue decline due to sunsetting is now behind us. Our cash-basis revenue comparison was also impacted by prior-year sunsetting.
“Importantly, we ended Q1’23 with a record ‘backlog’ of approximately $6.2M versus $5.7M a year-ago. Our backlog is essentially deferred revenue of which 65%, or $4.0M, will be recognized as revenue under GAAP over the balance of 2023. With the exception of Q1 last year, which reflected the non-recurring positive impact on product sales of sunsetting replacement units, historically the first quarter tends to be our slowest quarter."
Research
Acorn Energy Inc (NASDAQ:ACFN) ($0.43; $17.0M market cap), a provider of remote monitoring and control systems and Internet of Things (IoT) services, announced Q3 2022 results:
Sales of $1.78 million vs $1.70 million in the prior year
Loss of $0.01 vs $0.00 in the prior year
“ We have a bullish outlook for a strong finish to 2022, based on purchasing forecast discussions with current customers and new business leads to date in the fourth quarter...
...Looking into 2023 and beyond, we are very excited by the growth and profitability potential offered by electric grid relief - or 'demand response' programs. These programs, which let electric grid operators automatically shift the power load to stand-by generators during peak demand, rely on our remote monitoring and control capabilities.”
Research
Acorn Energy Inc (NASDAQ:ACFN) ($0.53; $21.2M market cap) is a provider of remote monitoring and control systems and Internet of Things (IoT) services announced Q2 2022 results:
Sales of $1.6 million vs $1.6 million in the prior year
Loss of $0.01 vs break even in the prior year
“based on purchase orders, current sales and marketing activity and customer discussions we're seeing in early Q3, we expect our second half to be significantly stronger than the first half of 2022. We also remain very optimistic about our intermediate and long-term growth prospects.”
Research
Acorn Energy Inc (NASDAQ:ACFN) – announced a new partnership with CPower Energy Management, a national energy solutions provider which will enable OmniMetrix standby generator customers to participate in electric grid relief programs. OmniMetrix is a subsidiary of Acorn Energy, Inc. (ACFN).
“The partnership will also serve as a catalyst for dealers to offer new standby generators on significantly more favorable terms to energy users; these customers will get paid for their demand response participation and the energy their generator contributes for shifting their load.
We are excited to partner with CPower to enable our customers and our company to benefit from the recurring revenue potential of demand response programs. Our remote monitoring and control solutions provide the ‘last mile’ connection and controls essential for demand response participation. This partnership builds on the value of wirelessly monitored and controlled standby-generators by providing an ongoing stream of payments to the generator owner. It’s really a win-win for all parties, including the communities where demand response will be providing needed support to the energy grid.”
Research
Acorn Energy Inc (NASDAQ:ACFN) ($0.40; $15.5M market cap) is a provider of remote monitoring and control systems and Internet of Things (IoT) services announced Q1 2022 results:
Sales of $1.7 million vs $1.7 million in the prior year
EPS of $0.00 vs $0.00 in the prior year
"Given our leadership in the remote monitoring industry, we see substantial opportunities for growth in the under-penetrated commercial and industrial markets we currently serve, as well as in new adjacent markets. We also have the financial strength to support our growth as well as the potential for growth through partnership or acquisition. "
"We have been successful so far in mitigating impacts from global supply chain issues by actively managing inventory of key components and inputs. As of today, we do not expect supply issues or rising costs to have a material adverse impact on our business, and we remain confident in our goal of 20% average annual cash-basis sales growth."
Research
Acorn Energy Inc (NASDAQ:ACFN) ($0.59; $23.4M market cap) is a provider of remote monitoring and control systems and Internet of Things (IoT) services announced Q3 2021 results:
Sales of $1.70 million vs $1.51 million in the prior year
EPS of $0.00 vs $0.00 in the prior year
“Given the technology leadership of our solutions, the proven innovation and strength of our engineering and design team, and the low penetration of the industrial markets we serve, we see continued opportunities for growth. We also have a strong financial base to support our internal growth and continue to look for other well-priced growth opportunities in related Industrial IoT and remote monitoring markets. We have seen some impact on our business from global supply chain issues but have been successful to date in mitigating most of these logistical issues. To address inflationary pressures on our input costs, we implemented an increase in our hardware prices effective September 1st. At the current time, we do not anticipate either supply issues or cost pressures to have a material adverse impact on our business but we are monitoring the changing supply chain constraints on a daily basis to react swiftly as needed."
On December 9, 2020 we initiated our long position and added the stock to our Run to One Portfolio at $0.40.
Research
Acorn Energy Inc (NASDAQ:ACFN) ($0.57; $22.8M market cap) a provider of remote monitoring and control systems and Internet of Things (IoT) services for stand-by generators, pipelines, air compressors, and other critical industrial equipment, announced Q4 2020 results:
Sales of $5.9 million vs $5.4 million in the prior year
EPS of $0.00 vs a loss of $0.02 in the prior year
“Despite significant business challenges posed by COVID-19, Acorn was able to achieve operating profitability on a consolidated basis in the fourth quarter and positive cash flow for the quarter and full year. Going forward, we believe Acorn is on track to achieve our long-standing goal of profitability and positive cash flow on a consolidated basis in fiscal 2021 and beyond. Importantly, Acorn has nearly $70 million of net operating loss carryforward tax assets (NOLs) which will largely shield future income from taxes, thereby positively impacting our future cash flows...
...We believe we are well positioned to achieve further top-line and bottom-line growth in our business in fiscal 2021 as business conditions gradually return to a more normalized state...
...We continue to target average annual revenue growth of 20% and expect to return to a trajectory more in line with that goal in 2021."
On December 9, 2020 we initiated our long position and added the stock to our Run to One Portfolio when the stock was trading at $0.40.
