From GlobeNewswire: 2025-03-06 07:30:00

Acorn Energy, Inc. announced financial results for Q4’24 and full-year 2024, including a $4.4M non-cash benefit for deferred income taxes. Revenue increased by 56.8% in Q4’24, with net income to stockholders reaching $5,233,000. The company plans to pursue an uplisting to the Nasdaq Capital Market in the first half of the year.

CEO Jan Loeb expressed pride in the company’s growth, with net income rising to $6.3M in 2024. Acorn’s business model, with high margin recurring revenue, led to a gross margin of 72.8%. Cash position grew to $2.3M, allowing for an uplisting to the Nasdaq Capital Market.

A transformational contract with a leading cell phone provider contributed to revenue growth in Q4’24. Acorn’s industry-leading solutions are expected to meet increasing demand for backup power generation due to severe weather events, aging grid infrastructure, and expanding energy needs.

Acorn’s financial review shows a 57% revenue increase in Q4’24, driven by hardware revenue growth and monitoring revenue growth of 10%. Gross profit grew to $2,556,000 with a gross margin of 72%. Operating expenses increased by 9% due to higher personnel costs and research expenses.

In 2024, Acorn generated $905,000 in cash from operating activities, with a net cash increase of $877,000. The company improved net working capital to $4,230,000 and cash position to $2,326,000. Acorn’s strong performance led to an improved net income of $6,294,000 in 2024.

Investors can join an investor call on March 6th at 11:00 AM ET to learn more about Acorn’s financial results. The company’s focus on strategic relationships, mergers, and acquisitions positions it for long-term growth and profitability. Acorn aims to exceed its annual revenue growth target of 20% in 2025.



Read more at GlobeNewswire:: Acorn’s 2024 Net Income Rises to $2.51 Per Share, Including