Wed, Aug 14, 7:21 PM (153 days ago)
For the quarter ending June 30, 2024, Vislink Technologies, Inc. reported a revenue increase of 74% to $8.7 million compared to the same period in 2023, contributing to a 42% increase in six-month revenue to $17.3 million. Despite this growth, the company experienced a net loss of $2.3 million for the quarter, down from $3.1 million a year prior, while the six-month loss improved to $3.2 million from $4.8 million. Operating expenses rose, with costs of components and personnel increasing 74% in Q2, driven by expanded market reach and new product development. Cash and cash equivalents decreased to $5.6 million, with $1.7 million used in operating activities over the first half of the year. The company holds $5.9 million in investments aimed at generating income. Vislink’s liquidity remains stable, with $29 million in working capital, and it anticipates sufficient funds to sustain operations for at least the next 12 months. However, it noted material weaknesses in internal controls, prompting ongoing remediation efforts. Overall, while revenue growth is promising, operational costs and accumulated deficits remain areas of concern.