Fri, Nov 15, 7:29 PM (94 days ago)
For the quarter ending September 30, 2024, PCS Edventures!, Inc. (PCS) reported a revenue of $2,267,338, a significant decline from $3,767,326 in the same quarter of 2023. This drop was primarily attributed to reduced orders from major customers, specifically the Air Force JROTC and Iowa Scale-Up programs. Despite lower revenue, the company's gross profit margin was maintained at approximately 40.3%, indicating effective cost management. Net income for the quarter was $431,229 compared to $1,811,590 in the prior year, reflecting a decrease in overall profitability. Operating expenses rose slightly, driven by increased state tax estimates and operational costs associated with being a publicly traded company. Cash flow from operations improved to $2,852,232, bolstered by a reduction in accounts receivable. As of September 30, 2024, PCS held $4 million in cash and maintained a strong current ratio of 14.4, suggesting robust liquidity. Looking ahead, the company aims to stabilize revenue through strategic customer acquisition while navigating uncertainties in educational funding and market demand. Overall, PCS's financial health remains solid, but revenue volatility poses challenges for future operations.