Vislink Technologies(VISL) - 2024 Q3 - Quarterly Results

Revenue Performance - Year-to-date revenue increased by 26% year-over-year to $24.4 million[2] - Revenue for Q3 2024 was $7.1 million, slightly down from $7.2 million in Q3 2023[2] - Revenue for the three months ended September 30, 2024, was $7,066,000, a decrease of 1.57% compared to $7,179,000 for the same period in 2023[15] Profitability and Loss - Net loss for Q3 2024 was $(3.0) million, or $(1.22) per share, compared to $(2.0) million, or $(0.83) per share, in Q3 2023[2] - Net loss for the three months ended September 30, 2024, was $(3,010,000), compared to $(1,970,000) for the same period in 2023, representing an increase in loss of 52.7%[15] - Comprehensive loss for the three months ended September 30, 2024, was $(2,444,000), compared to $(2,334,000) for the same period in 2023[15] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $10,326,000, an increase of 9.05% from $9,470,000 in the same period of 2023[15] - Research and development expenses for the three months ended September 30, 2024, increased to $1,160,000, up 44.2% from $805,000 in the same period of 2023[15] Cash and Investments - Cash and short-term investments were $9.2 million as of September 30, 2024, down from $11.5 million at June 30, 2024[2] Cost Savings Initiatives - A restructuring initiative is expected to achieve over $6 million in annualized cost savings starting in Q4 2024[4] Product Development - The company launched the 5G DragonFly V transmitter, designed for high-quality video transmission from various devices[4] Market Opportunities - Management anticipates continued growth opportunities in the MilGov sector despite current market dynamics[6] Other Financial Metrics - Gross margin decreased to 51% in Q3 2024 from 54% in the prior year[2] - EBITDA for the three months ended September 30, 2024, was $(2,829,000), compared to $(2,020,000) for the same period in 2023, indicating a worsening of 40%[16] - Non-GAAP adjusted EBITDA for the three months ended September 30, 2024, was $(2,439,000), an improvement from $(2,781,000) in the same period of 2023[16] - Total other income for the three months ended September 30, 2024, was $243,000, a slight decrease from $266,000 in the same period of 2023[15] - Inventory valuation adjustments for the three months ended September 30, 2024, were $310,000, an increase from $176,000 in the same period of 2023[15] Orders and Contracts - An initial order of $340,000 was received from the U.S. Department of Homeland Security[3] ERP System Implementation - The new ERP system aims to improve efficiency and decision-making through real-time data access[3]