Fri, Jun 27, 8:01 PM (22 days ago)
**Summary of Emerson Radio Corp. (MSN) 10-K Filing** **Financial Performance:** - **Revenue:** $10.8 million (2025) vs. $9.1 million (2024), an 18.9% increase. - **Net Income:** $(4.731) million (2025) vs. $0.766 million (2024). - **Operating Loss:** $(5.615) million (2025) vs. $(3.399) million (2024). - **Earnings Per Share (EPS):** $(0.22) (2025) vs. $0.04 (2024). **Strategic Overview:** - **Product Categories:** Houseware and audio products, including microwave ovens, clock radios, televisions, compact refrigerators, Bluetooth speakers, security products, toaster ovens, karaoke machines, massagers, heaters, fans, and wireless charging. - **Sales and Distribution:** Primarily in the U.S., Canada, and Mexico through mass merchandisers and online marketplaces. - **Key Customers:** Amazon (39%), Walmart (31%), and Big Lots (9%) in 2025; Walmart (53%), Amazon (20%), and Fred Meyer (10%) in 2024. - **Licensing Activities:** Two license agreements in 2025, with one licensee exceeding guaranteed minimum royalties. **Future Outlook:** - **Growth Initiatives:** Expansion of distribution channels, development of new products, and increased sales through internet and e-commerce channels. - **Challenges:** Tariffs, trade restrictions, and geopolitical factors affecting product costs and supply chain. **Risk Factors:** - **Customer Concentration:** Dependence on a few key customers; loss or reduction in business could materially affect revenues and earnings. - **Product Concentration:** Reliance on a limited number of products; market acceptance and pricing fluctuations could impact financial performance. - **Supplier Concentration:** Dependence on a few suppliers; disruptions could affect product availability and costs. - **Third-Party Sales Representatives:** Dependence on third-party sales representatives; loss or reduction in sales could impact revenues. - **Tariffs and Trade Restrictions:** Potential increases in costs due to tariffs and trade restrictions. **Financial Condition:** - **Cash and Cash Equivalents:** $1.2 million (2025) vs. $19.9 million (2024). - **Working Capital:** $21.1 million (2025) vs. $26.6 million (2024). **Market Position Changes:** - **Customer Base:** Shift in key customers from Walmart, Amazon, and Fred Meyer in 2024 to Amazon, Walmart, and Big Lots in 2025. - **Product Mix:** Change in product sales composition, with increased sales of microwave ovens and decreased sales of audio products. **Note:** Amounts are usually in thousands, 000s.