Acorn Energy Reports Strong Third Quarter Results with 46% Revenue Growth

Acorn Energy, Inc. (OTCMKTS: ACFN) recently announced its financial results for the third quarter ended September 30, 2024. The company disclosed a notable 46% increase in revenue to $3.05 million, compared to $2.087 million in the same period last year.

The third quarter financial highlights included a rise in monitoring revenue to $1.138 million, up by 5.1%, and a significant surge in hardware revenue to $1.912 million, indicating a substantial increase of 90.4%. Acorn Energy also reported a gross margin of 71.7%, with a net income per diluted share of $0.29, a significant improvement compared to $0.01 in the previous year’s quarter.

CEO Jan Loeb attributed the positive results to the initial benefits derived from a significant 2-year contract secured for remote monitoring of backup generators for cell towers. This contract, valued at $5 million and secured through a competitive selection process, represents Acorn’s largest deal and underscores the recognition of the company’s technology and high-quality customer service.

Loeb also highlighted the increasing demand for backup power generation in light of growing power outages caused by extreme weather events and the strain on the aging electric grid in the U.S. Acorn Energy remains committed to delivering innovative solutions that offer environmental benefits and substantial returns on investment for both commercial and residential customers.

Acorn Energy’s financials revealed a solid performance, indicating a positive outlook for the company. The company reported a net cash position of $2.2 million at the end of the quarter, with no outstanding debt. Moving forward, Acorn Energy anticipates further business momentum in the upcoming quarters as it continues to execute on existing projects and explore new opportunities.

Investors interested in learning more about Acorn Energy’s financial results can access the full press release and participate in an investor call scheduled for today at 11:00 AM ET by dialing 1-844-834-0644.

The condensed financial statements and additional information about the company can be found in the full 8-K SEC filing dated November 7, 2024.

Please note that all financial figures are reported in USD unless otherwise specified.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Acorn Energy’s 8K filing here.

About Acorn Energy

Acorn Energy, Inc, together with its subsidiaries, develops and markets wireless remote monitoring and control systems for various markets in the United States and internationally. It operates in two segments, Power Generation (PG) Monitoring and Cathodic Protection (CP) Monitoring. The PG segment provides wireless remote monitoring and control systems, and services for critical assets, which include stand-by power generators, pumps, pumpjacks, light towers, turbines, compressors, fire pumps, and other industrial equipment; and Internet of Things applications.