Thu, Nov 14, 9:31 PM (95 days ago)
For the quarter ending September 30, 2024, LogicMark, Inc. (LGMK) reported revenues of $2,705.5K, a 14% increase from $2,367.2K in 2023, driven by higher sales of its Guardian Alert 911 Plus and the new Freedom Alert Mini. Gross profit margins remained stable at 67%. However, operating expenses rose to $3,401.2K from $3,376.9K, primarily due to increased direct operating costs and advertising expenses, despite a decrease in research and development costs. The net loss attributable to common stockholders was $1,593.8K, slightly higher than the previous year's loss of $1,519.5K. As of September 30, 2024, cash and cash equivalents totaled $5.6M, down from $6.4M at year-end 2023, with working capital decreasing to $5.1M from $6.0M. The company anticipates sufficient liquidity for operations over the next year but may pursue additional financing. The quarterly report reflects ongoing challenges, including managing operational costs amid a competitive landscape and potential impacts from inflation. Future operations may be influenced by recent equity offerings and strategic initiatives to enhance product development and market reach.