Acorn Energy (NASDAQ:ACFN) Posts Earnings Results

Acorn Energy (NASDAQ:ACFN) issued its earnings results on Thursday. The company reported $0.12 earnings per share (EPS) for the quarter, FiscalAI reports. Acorn Energy had a net margin of 18.56% and a return on equity of 16.20%. The firm had revenue of $2.49 million for the quarter.

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 Down 1.0%

NASDAQ:ACFN opened at $18.95 on Friday. The firm’s fifty day simple moving average is $17.67 and its 200 day simple moving average is $18.06. The stock has a market cap of $47.56 million, a P/E ratio of 24.61 and a beta of 0.24. Acorn Energy has a twelve month low of $12.42 and a twelve month high of $33.00.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Acorn Energy

A hedge fund recently raised its position in Acorn Energy stock. Geode Capital Management LLC lifted its stake in shares of Acorn Energy Inc. (NASDAQ:ACFN) by 29.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,500 shares of the company’s stock after buying an additional 3,515 shares during the quarter. Geode Capital Management LLC owned about 0.62% of Acorn Energy worth $234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Acorn Energy Company Profile

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.