Based on preliminary unaudited results, the company expects sales for the fourth quarter of 2024 to range between $14.6M and $15.6M , or $15.1M at the midpoint. The company’s sales in the fourth quarter of 2024 were impacted by higher-than-expected channel excess inventories and two Internet of Things or IoT project delays. The company expects to report positive adjusted EBITDA for the fourth quarter of 2024, driven by gross margin improvement and lower operating expenses. As of December 31, the company estimates its cash and cash equivalents at $8.5M , an increase from $7.3M in the previous quarter and $7.9M at the same time last year.
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