Financial Performance - Revenues for Q3 2024 reached $2.7 million, representing a 14% year-over-year increase[2] - Gross profit for the quarter was $1.8 million, a 13% increase compared to Q3 2023, with a gross margin of 67%[5] - Adjusted EBITDA for Q3 2024 was a loss of $0.8 million, an improvement from a loss of $1.1 million in Q3 2023[6] - Net loss attributable to common shareholders for Q3 2024 was $1.6 million, compared to a net loss of $1.5 million in the same period last year[7] Sales and Operations - The company sold 1,106 units of the Freedom Alert Mini in Q3 2024, a significant increase from 191 units in Q2 2024[3] - Total operating expenses were $3.4 million, remaining flat compared to the same quarter last year[6] - The company has entered into a new reseller partnership with Black Knight LLC, enhancing sales opportunities[3] Cash and Assets - Cash and cash equivalents as of September 30, 2024, stood at $5.6 million, following a secondary offering that raised approximately $4.5 million[8] - Total current assets decreased from $8,049,444 to $7,007,575, a decline of approximately 12.92%[18] - Cash and cash equivalents decreased from $6,398,164 to $5,585,835, a reduction of about 12.68%[18] - Accounts receivable increased significantly from $13,647 to $116,533, representing a growth of 754.66%[18] - Inventory decreased from $1,177,456 to $818,717, a decline of approximately 30.54%[18] - Total assets decreased from $17,017,180 to $16,042,295, a decline of about 5.73%[18] - Goodwill remained unchanged at $3,143,662, indicating stability in this asset category[18] Liabilities and Equity - Total liabilities decreased from $2,104,664 to $1,880,519, a reduction of about 10.66%[18] - Stockholders' equity decreased from $13,105,216 to $12,354,476, a decline of approximately 5.73%[19] - Accumulated deficit increased from $(100,160,891) to $(105,463,096), reflecting a worsening of about 5.43%[19] - Additional paid-in capital increased from $112,946,891 to $117,497,385, an increase of approximately 4.88%[19] Corporate Actions - A reverse stock split was approved on October 1, 2024, to help regain compliance with Nasdaq listing requirements[9] - The company is focused on maintaining strong gross margins while expanding its product offerings in the personal emergency response systems market[3]
LogicMark(LGMK) - 2024 Q3 - Quarterly Results