Vaso Corporation reports $20.2 million in revenue for second quarter of 2024

From GlobeNewswire: 2024-08-14 09:00:00

Vaso Corporation reported $20.2 million in revenue for the second quarter of 2024, with substantial deferred revenue and a high backlog in their IT segment, setting the stage for future revenue and income growth. The company continues to generate positive cashflow despite increased expenses for investment banking activities related to listing on NASDAQ.

For the three months ended June 30, 2024, total revenue was $20.2 million, with revenue in the IT segment increasing by 1% and professional sales service segment remaining flat compared to the same period in 2023. Gross profit was $12.2 million, operating expenses increased by 3%, and net income was $1.2 million, lower than in 2023. Adjusted EBITDA was $1.2 million.

Vaso Corporation operates in three business segments, including IT services, professional sales services for medical equipment, and managing proprietary medical equipment and software. The company reported total assets of $72.1 million and total stockholders’ equity of $26.7 million as of June 30, 2024. Forward-looking statements indicate risks and uncertainties related to business and economic conditions, technology, and regulatory factors.



Read more at GlobeNewswire:: Vaso Corporation Announces Financial Results for Second