Tue, Jul 16, 10:03 AM (53 days ago)
ZRCN Inc., formerly Harmony Energy Technologies Corporation, reported its financial performance for the fiscal year ended March 31, 2024. The company achieved a revenue of $31.5 million, up 3% from the previous year. Net income was $50,555, reversing a loss of $434,703 in 2023. However, net loss attributable to common stockholders was $219,458, compared to a loss of $667,572 in the prior year. Operating expenses rose by 8% to $12.9 million, driven by increased general and administrative costs. The company’s gross profit margin improved to 43.9% from 40.1%, due to better pricing and reduced manufacturing expenses. ZRCN’s cash flow from operations increased to $1.2 million. The company recently refinanced its line of credit with a new $15 million facility maturing in 2027. Risk factors include customer concentration, with 63% of revenue from Home Depot and Lowe’s, and exposure to global economic conditions. The company plans to continue investing in R&D and expanding its product portfolio.