Wed, Jul 10, 8:11 PM (59 days ago)
VOXX International Corporation's 10-Q report for the quarter ended May 31, 2024, reveals a decrease in net sales to $91,661 from $111,926 in the prior year, driven by declines in both Automotive and Consumer Electronics segments. Gross profit fell by 7.9% to $25,409, with margins improving slightly from 24.6% to 27.7%. Operating expenses dropped by 16.6% to $32,522, attributed to cost-cutting measures and headcount reductions. The company reported an operating loss of $7,113 and a net loss of $10,177, with an adjusted EBITDA loss of $2,857. Cash flow from operations was negative $2,083, and the company had $4,160 in cash and equivalents. The report highlights ongoing challenges due to macroeconomic factors and supply chain issues but notes efforts to mitigate these impacts through operational improvements and cost reductions.