Acorn Energy, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 08:12 am EST
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Acorn Energy, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 2.09 million compared to USD 1.78 million a year ago. Net income was USD 0.024 million compared to net loss of USD 0.21 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to basic loss per share from continuing operations of USD 0.08 a year ago. Diluted earnings per share from continuing operations was USD 0.01 compared to diluted loss per share from continuing operations of USD 0.08 a year ago.
For the nine months, sales was USD 5.81 million compared to USD 5.16 million a year ago. Net income was USD 0.035 million compared to net loss of USD 0.556 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to basic loss per share from continuing operations of USD 0.22 a year ago. Diluted earnings per share from continuing operations was USD 0.01 compared to diluted loss per share from continuing operations of USD 0.22 a year ago.
Acorn Energy, Inc. is a holding company. The Company is focused on providing technology solutions for energy infrastructure asset management. The Company provides products and Internet of Things (IoT) applications and services through its OmniMetrix, LLC (OmniMetrix) subsidiary: Power Generation (PG) and Cathodic Protection (CP). The Power Generation segment services provide wireless remote monitoring and control systems and IoT applications for residential and commercial/industrial power generation equipment. The PG segment includes its AIRGuard product, which remotely monitors and controls industrial air compressors, and its Smart Annunciator product. The Cathodic Protection segment provides remote monitoring and control products for cathodic protection systems on oil and gas pipelines serving the gas utilities market and pipeline operators. The Companyâs Cathodic Protection product lineup includes solutions to remotely monitor and control rectifiers, test stations and bonds.