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Digital Ally reports 2022 EPS ($8.50) vs. $10.14 last year

Reports 2022 revenue $37M vs. $21.4M last year. Stanton Ross, Chief Executive Officer of Digital Ally, stated, "We are very pleased to report a 73% increase in total annual revenues for 2022 as compared to 2021. We are very pleased with the traction gained in the marketplace with our new products, consisting of our FirstVu Pro, FirstVu II, and QuickVu docking stations; which are continuing to build upon our existing subscription plans and deferred revenue. It is exciting to see our deferred revenue balance nearly double throughout 2022, as our contract liabilities went from a little over $4.3 million at December 31, 2021, to nearly $8.0 million at December 31, 2022. We continue to build excitement around the momentum being gained in our Digital Ally Healthcare venture, as Nobility Healthcare, LLC continues to complete acquisitions, as we completed two in 2021 and two at the beginning of 2022, with the goal to maximize the profitability of those accumulated acquisitions in 2023. The numerous acquisitions we have already completed of medical billing companies demonstrates our roll-up strategy is effective and attractive to potential targets. We look forward to seeing the growth potential of this venture come to fruition and continue throughout 2023 and beyond. Additionally, we continue to be thrilled with the addition of TicketSmarter to our growing holdings of solid earnings and growth-potential businesses, as the acquisition of TicketSmarter proved to be accretive to our revenue growth in 2022. We are excited to maximize the profitability of this subsidiary and have it work hand in hand with our new Kustom 440 subsidiary. Kustom 440 will be hosting its first festival on May 13, 2022 in Kansas City, which the Company is very excited and pleased with the sales thus far for this event. We believe shareholders will benefit from TicketSmarter and Kustom 440’s long-term value based on the multiples commanded by similar public companies in the market. We continue to right size and adjust to the nuances of each new subsidiary, as we learn to navigate and effectively grow each of them. We will continue to inform our investors as we attempt to take advantage of new business opportunities and to maximize our existing business lines to benefit the Company and its shareholders for 2023 and beyond."

Published first on TheFly

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