Core Insights - Electro-Sensors, Inc. reported a quarterly revenue of $2,217,000 for Q2 2024, reflecting a 3.7% increase compared to the same period in the previous year [1][2][3] - The company's gross margin for Q2 2024 was 47.2%, down from 50.0% in Q2 2023, primarily due to rising material and labor costs [2][3] - The company experienced an operating loss of $107,000 in Q2 2024, compared to an operating income of $44,000 in Q2 2023, marking a significant decline [2][4] Financial Performance - Net sales for the first half of 2024 reached $4,461,000, a 6.7% increase from $4,182,000 in the same period of 2023 [2][5] - The gross profit for the first six months of 2024 was $2,127,000, slightly up from $2,090,000 in the prior year, despite a decrease in gross margin [5] - The net income for Q2 2024 was a loss of $4,000, compared to a net income of $116,000 in Q2 2023 [4][5] Operational Highlights - The increase in sales was primarily driven by the demand for HazardPROTM wireless hazard monitoring systems, which are valued for their ease of installation and cost-effectiveness [3] - The company maintains cash and investments of approximately $9.9 million as of June 30, 2024, showing stability in liquidity [1][6] - Total assets as of June 30, 2024, were reported at $14,467,000, a slight increase from $14,445,000 at the end of 2023 [6][8] Company Overview - Electro-Sensors, Inc. specializes in designing and manufacturing machine monitoring sensors and hazard monitoring systems, serving various industries [8] - The company is ISO9001:2015 certified, emphasizing its commitment to quality and customer service [8]
Electro-Sensors, Inc. Announces Second Quarter 2024 Financial Results