Fri, Aug 16, 9:28 PM (151 days ago)
For the quarter ending June 30, 2024, Digital Ally, Inc. reported a significant decline in total revenue to $5,616,235, down 32% from $8,279,632 in the prior year, primarily due to reduced product sales in both the Video Solutions and Entertainment segments. Gross profit also fell sharply to $242,392, reflecting a gross margin of just 4.3%, compared to 33.1% a year earlier. The company incurred an operating loss of $3,914,221, improved from a loss of $4,940,704 in Q2 2023, but still indicative of ongoing challenges. Net loss attributable to common stockholders was $5,083,861, a 39% improvement from $8,393,304 in the same quarter last year. Cash flow from operating activities was negative at $3,408,757, while financing activities generated $3,208,817, primarily from refinancing efforts and new equity issuance. The company’s liquidity remains precarious, with cash and equivalents decreasing to $614,713. Future operations will hinge on restoring positive cash flows and potentially raising additional capital to meet obligations, amidst ongoing competitive pressures and market uncertainties.