Acorn Energy reports Q3 EPS 29c vs. 1c last year

Reports Q3 revenue $3.05M vs. $2.08M last year. Jan Loeb, Acorn’s CEO, commented, “Acorn’s Q3’24 results benefited, in part, from $724,000 in hardware revenue earned from the shipping of units pursuant to the initial purchase orders related to the previously announced $5 million contract with one of the nation’s largest cell phone providers for equipment and remote monitoring services for thousands of cell tower backup generators across the U.S. “This contract, OmniMetrix’s largest, was secured through a competitive process which recognized the value and capabilities of our industry-leading technology and solutions and our high level of customer service. We are committed to the successful rollout of this program which should provide a compelling case study for other large commercial and industrial customers. “We anticipate increasing demand for backup power generation and our 24/7 monitoring and control solutions as a result of the growing incidence of major power outages due to extreme weather events, wildfires, rapidly growing electricity demand and the challenges they place on the aging electric grid in the U.S. As result of extreme events this year, millions of households and businesses across the country have been without power for weeks or more. The growing frequency and prolonged recovery time following these events is making a very clear case for the importance of backup power, particularly given the exponential electricity demand anticipated through the next decade to support artificial intelligence, cloud computing and electric vehicle infrastructure. “Importantly, our solutions provide both environmental benefits and compelling returns on investment for both commercial and residential customers in their role of ensuring backup power is ready when needed. Remote monitoring eliminates much of the cost and environmental impact of sending technicians for periodic inspections of backup generators. “Finally, we continue to invest in research and development to extend our industry leadership in technology and system capabilities. For example, our recently launched new and improved OmniView 2 user interface provides enhanced navigation and a range of new features including Air Quality Index data to support customer compliance with EPA air quality regulations, so that they can avoid fines for operating generators on bad air quality days. “We have a very strong team and an efficient structure that can deliver meaningful operating leverage on incremental revenue. As a result, we have achieved Q3’24 EPS of $0.29 vs. $0.01 in the prior-year period. We have also improved our cash position to $2.2M at quarter end, compared to $1.5M at year-end 2023, and $2.1M as of November 5, 2024 with no debt. We expect our business momentum to continue in Q4’24 and beyond as we execute on the cell tower project and other opportunities that we are currently pursuing.”