Acorn Generates Positive Operating Cash Flow in Q3 on 9% Revenue Growth & 17% Gross Profit Growth in Remote Monitoring & Control (IoT)
ACORN ENERGY INC (ACFN)
US:NASDAQ Investor Relations:
acornenergy.com/investor_information.php
Company Research
Source: GlobeNewswire
WILMINGTON, Del., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN), a provider of Internet of Things (IoT) remote monitoring and control solutions for stand-by generators, gas pipelines, air compressors and other industrial equipment through its OmniMetrix subsidiary, today announced results for its third quarter (Q3’20) ended September 30, 2020. Acorn will host an investor call today at 11:00 a.m. ET to discuss its results and outlook (details below). Jan Loeb, Acorn’s CEO, commented, "Our Q3 results again demonstrated our business’s resilience despite COVID-19 challenges. We achieved 9% revenue growth over Q3’19, a gross margin of 71%, and our cash balance increased by $206,000. We also reduced our consolidated operating loss to $23,000 in Q3’20 from $121,000 in Q3’19. High-margin, recurring monitoring service revenue rose 15%, driving a 17% increase in gross profit to $1,077,000 in Q3’20 from $922,000 in Q3’19. Given these trends, we believe Acorn has establish
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