Financial Performance - Net sales for Q2 2024 were $2,217, an increase of $80, or 3.7%, from $2,137 in Q2 2023[44] - Gross profit for Q2 2024 was $1,047, a decrease of $21, or 2.0%, compared to Q2 2023, with a gross margin of 47.2%[45] - Total operating expenses for Q2 2024 increased by $130, or 12.7%, to $1,154, representing 52.0% of net sales[47] - Net non-operating income increased by $15, or 16.0%, for Q2 2024 compared to Q2 2023, driven by higher interest income[51] - Income before income tax expense was $2 for Q2 2024, a decrease of $136 compared to $138 in Q2 2023[52] Cash Position - Cash and cash equivalents were $9,888 at June 30, 2024, reflecting an increase from $9,870 at December 31, 2023[55] Operating Expenses - The company experienced a 12.7% increase in total operating expenses for the six months ended June 30, 2024, compared to the same period in 2023[47] Taxation - The effective tax rate for the six-month period ended June 30, 2024, was 61.1%, compared to 22.6% in the same period of 2023[54] Growth Strategy - The company is actively seeking growth opportunities through technology partnerships and potential acquisitions[59] Operational Challenges - Supply chain disruptions and labor market challenges are impacting the company's operations and may affect sales and profit margins[57]
Electro-Sensors(ELSE) - 2024 Q2 - Quarterly Report