Tue, Sep 3, 11:44 AM (133 days ago)
DZS Inc. reported its financial results for the quarter ending June 30, 2024, indicating a slight increase in revenue to $31,066,000 compared to $30,623,000 in the same quarter of 2023. However, revenue for the first half of 2024 decreased by 21.7% year-over-year. The company's gross profit improved to 34% of revenue, up from 33% in the prior year, attributed to reduced costs of revenue. Operating expenses fell significantly, leading to a narrower operating loss of $17,166,000, down from $21,072,000. The company recognized a bargain purchase gain of $41,544,000 related to the acquisition of NetComm Wireless, which contributed positively to net income of $22,122,000, reversing a loss of $24,836,000 in 2023. Cash flow from operations showed improvement, with net cash used decreasing to $26,634,000, and total cash and equivalents dropped to $8,137,000 from $20,909,000 at the start of the period. DZS continues to navigate uncertainties, including geopolitical and inflationary pressures, while focusing on strategic growth and operational efficiencies.