Thu, Aug 15, 10:12 AM (152 days ago)
For the six months ending June 30, 2024, AmeriGuard Security Services, Inc. reported a revenue decline of 8% to approximately $12.31 million, primarily due to the expiration of a significant federal guard contract. However, gross profit margins improved from 6% to 14%, aided by reduced operational expenses. Operating expenses surged by about $623,000, largely driven by increased loan interest costs due to unfavorable financing conditions. Net loss decreased to approximately $1.24 million, a reduction of $413,000 compared to the previous year, with expectations of further loss reduction in subsequent quarters. As of June 30, 2024, total current assets were $2.85 million, while total liabilities stood at $7.72 million, indicating a challenging liquidity position. Cash flow from operations reflected a net decrease of $1.6 million, with cash on hand at $579,159. The company aims to secure new federal contracts and pursue acquisitions to enhance revenue, anticipating potential contracts that could increase revenue by $5 to $15 million. Despite operational challenges, management remains optimistic about achieving profitability through strategic growth initiatives.