Acorn Energy (NASDAQ:ACFN) Releases Quarterly Earnings Results

Acorn Energy (NASDAQ:ACFN) released its quarterly earnings results on Thursday. The company reported $0.12 EPS for the quarter, FiscalAI reports. The business had revenue of $2.49 million during the quarter. Acorn Energy had a net margin of 16.12% and a return on equity of 10.32%.

Here are the key takeaways from Acorn Energy’s conference call:

• Second-quarter revenue fell 29% year over year to $2.49 million, while net income declined to $294,000 from $720,000, primarily due to the absence of last year’s large hardware shipments under a major cell-phone-provider contract.
• Monitoring revenue increased 8% to $1.43 million, generating gross margin above 90%; consolidated gross margin improved to 82.4%, highlighting the profitability and recurring nature of the installed monitoring base.
• Acorn partnered with Champion Power Equipment to make OmniMetrix monitoring the standard option on Champion’s aXis and fleX whole-home generators. The deal could add monitoring endpoints beginning in the current quarter, although Champion is not obligated to purchase a minimum number of units.
• The company formally launched OMNI360, an AI-supported platform combining power, environmental, security, and infrastructure monitoring for cell-tower campuses. Management cited strong early feedback and substantial market potential, but acknowledged that enterprise sales cycles are likely to be lengthy.
• Management remains debt-free with $4.5 million in cash and is pursuing disciplined M&A and OEM opportunities, while reiterating its long-term target of approximately 20% average annual revenue growth over three to five years. Demand-response activity is currently immaterial and is not expected to affect near-term results.

Acorn Energy Stock Performance

Shares of NASDAQ ACFN opened at $19.00 on Friday. The firm has a fifty day moving average of $17.71 and a 200 day moving average of $18.06. The firm has a market cap of $47.69 million, a PE ratio of 31.15 and a beta of 0.24. Acorn Energy has a one year low of $12.42 and a one year high of $32.00.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded Acorn Energy from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Acorn Energy presently has an average rating of “Hold”.

Institutional Trading of Acorn Energy

A hedge fund recently raised its stake in Acorn Energy stock. Geode Capital Management LLC boosted its stake in Acorn Energy Inc. (NASDAQ:ACFN) by 29.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,500 shares of the company’s stock after buying an additional 3,515 shares during the quarter. Geode Capital Management LLC owned approximately 0.62% of Acorn Energy worth $234,000 at the end of the most recent reporting period.

About Acorn Energy

Acorn Energy, Inc, through its subsidiaries, develops and markets wireless remote monitoring and control systems for various markets in the United States and internationally. It operates through two segments, Power Generation (PG) Monitoring and Cathodic Protection (CP) Monitoring. The PG segment provides wireless remote monitoring and control systems, and services for critical assets, which include stand-by power generators, compressors, pumps, pumpjacks, light towers, turbines, and other industrial equipment; and Internet of Things applications.