Tue, Jul 23, 5:15 PM (46 days ago)
Electronic Systems Technology Inc. reported a significant decline in financial performance for Q2 2024. Revenue dropped to $333K from $585K in Q2 2023, reflecting a 22.5% decrease, primarily due to reduced customer demand and higher interest rates. The company posted a net loss of $71K for Q2 2024, contrasting with a net income of $59K in Q2 2023. Operating expenses marginally decreased by $9K to $254K, but this was insufficient to offset the revenue decline. Cash and cash equivalents decreased to $323K from $486K at the end of 2023, mainly due to increased accounts receivable and inventory. Despite the losses, the company maintains a strong current ratio of 12.4, indicating sufficient liquidity for the near future. Management remains cautious about future revenue forecasts due to the complex procurement process and economic uncertainties.