Mon, Aug 19, 8:56 PM (148 days ago)
For the quarter ended June 30, 2024, PAID, Inc. reported net revenues of $4,603,299, an 11% increase from $4,130,381 in Q2 2023. This growth was primarily driven by a 12% rise in shipping coordination and label generation services, reflecting a 15% increase in shipping volume. However, client services revenues dropped 40% due to cancellations in brewery management software clients. Gross profit rose 17% to $1,107,569, with a slight improvement in gross margin to 24%. Operating expenses increased by 17% to $1,183,095, attributed to higher staffing and marketing costs. Net income surged to $770,452 from $57,174 year-over-year, translating to earnings of $0.10 per share. Cash and cash equivalents decreased to $1,503,796, while net working capital improved to $4,160,034. The company continues to seek growth opportunities but faces uncertainties regarding future product launches and market conditions. Management believes current cash resources are adequate for operations over the next 12 months, although additional capital may be required.