Acorn Energy (NASDAQ:ACFN) Releases Earnings Results

Acorn Energy (NASDAQ:ACFN) posted its earnings results on Thursday. The company reported $0.12 earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of $2.49 million during the quarter. Acorn Energy had a net margin of 18.56% and a return on equity of 16.20%.

Here are the key takeaways from Acorn Energy’s conference call:

• Second-quarter revenue fell 29% year over year to $2.49 million, while net income declined to $294,000 from $720,000, primarily due to the absence of last year’s large hardware shipments under a major cell-phone-provider contract.
• Monitoring revenue increased 8% to $1.43 million, generating gross margin above 90%; consolidated gross margin improved to 82.4%, highlighting the profitability and recurring nature of the installed monitoring base.
• Acorn partnered with Champion Power Equipment to make OmniMetrix monitoring the standard option on Champion’s aXis and fleX whole-home generators. The deal could add monitoring endpoints beginning in the current quarter, although Champion is not obligated to purchase a minimum number of units.
• The company formally launched OMNI360, an AI-supported platform combining power, environmental, security, and infrastructure monitoring for cell-tower campuses. Management cited strong early feedback and substantial market potential, but acknowledged that enterprise sales cycles are likely to be lengthy.
• Management remains debt-free with $4.5 million in cash and is pursuing disciplined M&A and OEM opportunities, while reiterating its long-term target of approximately 20% average annual revenue growth over three to five years. Demand-response activity is currently immaterial and is not expected to affect near-term results.

Acorn Energy Trading Down 1.0%

Shares of Acorn Energy stock traded down $0.20 during midday trading on Thursday, reaching $18.95. The company had a trading volume of 25,582 shares, compared to its average volume of 28,275. The company has a market capitalization of $47.56 million, a price-to-earnings ratio of 24.61 and a beta of 0.24. The stock has a fifty day simple moving average of $17.67 and a 200 day simple moving average of $18.06. Acorn Energy has a 1-year low of $12.42 and a 1-year high of $33.00.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Acorn Energy stock. Geode Capital Management LLC grew its position in Acorn Energy Inc. (NASDAQ:ACFN) by 29.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 15,500 shares of the company’s stock after buying an additional 3,515 shares during the period. Geode Capital Management LLC owned 0.62% of Acorn Energy worth $234,000 at the end of the most recent reporting period.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut Acorn Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Acorn Energy Company Profile

Acorn Energy, Inc, through its subsidiaries, develops and markets wireless remote monitoring and control systems for various markets in the United States and internationally. It operates through two segments, Power Generation (PG) Monitoring and Cathodic Protection (CP) Monitoring. The PG segment provides wireless remote monitoring and control systems, and services for critical assets, which include stand-by power generators, compressors, pumps, pumpjacks, light towers, turbines, and other industrial equipment; and Internet of Things applications.