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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported) May 9, 2024
ACORN
ENERGY, INC.
(Exact
name of Registrant as Specified in its Charter)
Delaware
|
|
001-33886
|
|
22-2786081 |
(State or Other Jurisdiction
|
|
(Commission |
|
(IRS Employer |
of Incorporation) |
|
file Number) |
|
Identification No.) |
1000
N West St., Suite 1200, Wilmington, Delaware |
|
19801 |
(Address of Principal Executive
Offices) |
|
(Zip Code) |
Registrant’s
telephone number, including area code (410) 654-3315
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-2 under the
Exchange Act (17 CFR 240.14a-2) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
None |
|
|
|
|
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
May 9, 2024, the Registrant issued a press release announcing its 2024 first quarter results. The press release is attached as Exhibit
99.1 hereto.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized on this 9th day of May, 2024.
|
ACORN ENERGY, INC. |
|
|
|
|
By: |
/s/ Tracy
S. Clifford |
|
Name: |
Tracy S. Clifford |
|
Title: |
Chief Financial Officer |
Exhibit
99.1
Press
Release & Investor Call
Acorn’s
Q1’24 EPS Improves to $0.03 vs. ($0.03) Loss Per Share on Continued
Growth
in Remote Monitoring and Control Hardware and Services Revenue
Investor
Call Today at 11am ET; Dial-in: 1-844-834-0644
Wilmington,
DE – May 9, 2024 – Acorn Energy, Inc. (OTCQB: ACFN) (Acorn), a provider of remote monitoring and control solutions
for backup power generators, gas pipelines, air compressors and other mission critical assets, announced results for its first quarter
ended March 31, 2024 (Q1’24) and will hold an investor call today at 11am ET (see call details below).
Summary
Financial Results
| |
Q1’24 | | |
Q1’23 | | |
Change | |
| |
(dollars
in thousands) |
Monitoring revenue | |
$ | 1,102 | | |
$ | 1,024 | | |
| +7.6 | % |
Hardware revenue | |
| 1,030 | | |
| 725 | | |
| +42.1 | % |
Total revenue* | |
$ | 2,132 | | |
$ | 1,749 | | |
| +21.9 | % |
Gross profit Margin | |
| 74.6 | % | |
| 75.2 | % | |
| | |
Net income (loss) attributable to Acorn stockholders | |
$ | 65 | | |
$ | (85 | ) | |
| +$150 | |
| |
| | | |
| | | |
| | |
Net income (loss) per share | |
$ | 0.03 | | |
$ | (0.03 | ) | |
| +$0.06 | |
*All
of Acorn’s revenue is derived from its 99%-owned operating subsidiary, OmniMetrix.
CEO
Commentary
Jan
Loeb, Acorn’s CEO, commented, “Acorn’s Q1 results reflect the strength of our product and service offerings and the
operating leverage of our business model. Acorn achieved solid growth in new monitoring hardware sales and continued to build on our
base of annually recurring, high-margin monitoring service revenue. We are off to a promising start in 2024 and believe Acorn is establishing
a foundation early this year to achieve our long-term goal of 20% average annual top-line growth in 2024. We have a range of business
development initiatives and significant opportunities that we are currently in various stages of pursuing that support our optimism.
“We
continue to advance the rollout of OmniMetrix Demand Response (DR) programs within the standby generator market. We secured our first
DR customer enrollments late in 2023, added to that base in the first quarter of 2024 and expect the pace of enrollments to continue
to build as the benefits of the program become better known to our dealer network and their customers. Our initial customers have been
approved by ERCOT, the largest grid operator in Texas, in time for the peak summer season, when the grid is typically most stressed.
“DR
programs allow generator owners to be compensated for allowing grid operators to automatically turn on their generators to help the electric
grid meet peak power demands. OmniMetrix provides the critical monitoring and control links that enable DR functionality, providing a
very compelling add-on to our service offerings which has the potential to double our profitability on each enrolled DR endpoint. We
expect a modest revenue contribution from DR to be realized later in 2024 and believe DR has the potential to become an important, long-term
revenue driver for our business.
“We
also continue to invest in enhancing our solutions to provide increased value to our customers and to maintain our position as a leader
in the markets we serve. In Q4’23, we launched our new user interface that we call OV2 for our OmniView data portal which provides
a range of new efficiency features such as self-service reporting and access to air quality data to support customer compliance with
state laws and regulations. We have been getting very good feedback on the access provided to air quality index (AQI) data, which is
required by certain states and EPA regulations for the operation of industrial power generators. We believe that our new AQI feature
differentiates our service from competitors and could be a key competitive advantage due to increasing climate concerns and related regulations.
“Based
on new leads and deal flow from our sales and marketing team, we are also very bullish about the potential to secure more significant
commercial and industrial (C&I) monitoring projects in 2024.”
Financial
Review
Q1’24
revenue rose 21.9% to $2,132,000 over Q1’23 revenue of $1,749,000, driven by a 42.1% increase in hardware revenue and a 7.6% increase
in monitoring revenue. Q1’24 hardware revenue growth is primarily attributable to sales of new product versions. Revenue increases
were attributable to increased sales of TrueGuard (TG) Pro and TG2 in the Power Generation (generator monitoring) segment as well as
to sales of Hero2 units in the Cathodic Protection (Pipeline) segment. Sales of new hardware are recognized to revenue on the shipment
of product, whereas monitoring revenue is deferred and amortized over the term of the monitoring contract, typically one year.
Driven
by revenue growth, gross profit grew 20.9% to $1,591,000 in Q1’24, reflecting a gross margin of 74.6%, as compared to gross profit
of $1,316,000 and gross margin of 75.2% in Q1’23. The decrease in gross margin was primarily attributable to a higher proportion
of hardware in the revenue mix versus monitoring revenue, which carries a higher gross margin. Nonetheless, Acorn was able to increase
its gross margin on hardware to 53.5% in Q1’24 from 50.6% in Q1’23, principally due to sales of new products which deliver
more value and, therefore, can command higher price points.
Total
operating expenses rose 7.2% to $1,513,000 in Q1’24 versus $1,411,000 in Q1’23, due to a $78,000 increase in selling, general
and administrative (SG&A) expenses and a $24,000 increase in research and development (R&D) expenses. Increased SG&A expenses
included $36,000 in additional personnel expenses due to compensation increases and staff additions, $25,000 in higher audit engagement
fees and timing with more audit expenses falling in Q1’24 than Q1’23, as well $16,000 in tax consulting fees in Q1’24.
The increase in R&D included salary increases of our engineering team, the continued development of next-generation products and
exploration into new possible product lines. OmniMetrix continues to work on initiatives to enhance the design of existing products and
to develop new product lines to address evolving customer needs.
Net
income attributable to Acorn stockholders improved to $65,000, or $0.03 per share, in Q1’24 from a net loss of ($85,000), or ($0.03)
per share, in Q1’23. Acorn’s Q1’24 profitability improvement was driven by revenue and gross profit growth that significantly
exceeded increases in operating expenses. Per-share amounts have been adjusted to account for the 1-for-16 reverse stock split executed
in September 2023.
Liquidity
and Cash Flow
Excluding
deferred revenue of $3,823,000 and deferred cost of goods sold of $709,000, which have no impact on future cash flow, net working capital
was $2,494,000 at March 31, 2024 compared to $2,654,000 at December 31, 2023 and $2,569,000 at March 31, 2023. Acorn had cash and cash
equivalents of $1,417,000 at March 31, 2024 vs. $1,449,000 at year-end 2023 and $1,346,000 at March 31, 2023 and no debt.
Acorn
used $32,000 of net cash in Q1, of which $43,000 was used in operating activities; $2,000 was used in investing activities (technology
investments), offset by $13,000 received from the exercise of stock options.
Investor
Call Details
Date/Time:
|
Thursday,
May 9th at 11:00 AM ET |
Dial-in
Number: |
1-844-834-0644
or 1-412-317-5190 (Int’l) |
Online
Replay/Transcript: |
Audio
file and call transcript will be posted to the |
|
Investor
section of Acorn’s website when available. |
Submit
Questions via Email: |
acfn@catalyst-ir.com
– before or after the call. |
About
Acorn (www.acornenergy.com) and OmniMetrixTM (www.omnimetrix.net)
Acorn
Energy, Inc. owns a 99% equity stake in OmniMetrix, a pioneer and leader in Internet of Things (IoT) wireless remote monitoring and control
solutions for stand-by power generators, gas pipelines, air compressors and other industrial equipment. OmniMetrix serves tens of thousands
of commercial and residential customers, including over 25 Fortune/Global 500 companies, supporting cell towers, manufacturing plants,
medical facilities, data centers, retail stores, public transportation systems, energy distribution and federal, state and municipal
government facilities and residential backup generators.
OmniMetrix’s
proven, cost-effective solutions make critical systems more reliable and also enable automated “demand response” electric
grid support via enrolled backup generators.
Safe
Harbor Statement
This
press release includes forward-looking statements, which are subject to risks and uncertainties. There are no assurances that Acorn will
be successful in growing its business, increasing its revenue, increasing profitability, or maximizing the value of its operating company
and other assets. A complete discussion of the risks and uncertainties that may affect Acorn Energy’s business, including the business
of its subsidiary, is included in “Risk Factors” in the Company’s most recent Annual Report on Form 10-K as filed by
the Company with the Securities and Exchange Commission.
Follow
us
Twitter: | @Acorn_IR
and @OmniMetrix |
StockTwits: | @Acorn_Energy |
Investor
Relations Contacts
Catalyst
IR
William
Jones, 267-987-2082
David
Collins, 212-924-9800
acfn@catalyst-ir.com
ACORN
ENERGY, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(IN
THOUSANDS, EXCEPT PER SHARE DATA)
| |
Three
months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenue | |
$ | 2,132 | | |
$ | 1,749 | |
COGS | |
| 541 | | |
| 433 | |
Gross profit | |
| 1,591 | | |
| 1,316 | |
Operating expenses: | |
| | | |
| | |
Research and development
expenses (R&D) | |
| 238 | | |
| 214 | |
Selling,
general and administrative (SG&A) expenses | |
| 1,275 | | |
| 1,197 | |
Total
operating expenses | |
| 1,513 | | |
| 1,411 | |
Operating income (loss) | |
| 78 | | |
| (95 | ) |
Interest income, net | |
| 15 | | |
| 11 | |
Income (loss) before income
taxes | |
| 93 | | |
| (84 | ) |
Income tax expense | |
| 25 | | |
| — | |
Net income (loss) | |
| 68 | | |
| (84 | ) |
Non-controlling interest share of income | |
| (3 | ) | |
| (1 | ) |
Net
income (loss) attributable to Acorn Energy, Inc. stockholders | |
$ | 65 | | |
$ | (85 | ) |
| |
| | | |
| | |
Basic and diluted net income (loss) per share
attributable to Acorn Energy, Inc. stockholders: | |
| | | |
| | |
Net
income (loss) per share attributable to Acorn Energy, Inc. stockholders – basic and diluted* | |
$ | 0.03 | | |
$ | (0.03 | ) |
Weighted average number of shares outstanding
attributable to Acorn Energy, Inc. stockholders – basic and diluted: | |
| | | |
| | |
Basic* | |
| 2,486 | | |
| 2,483 | |
Diluted* | |
| 2,494 | | |
| 2,483 | |
|
* |
As
adjusted to reflect the September 2023 1-for-16 reverse stock split. |
ACORN
ENERGY, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(IN
THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
| |
As
of March 31, 2024 | | |
As
of December
31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 1,417 | | |
$ | 1,449 | |
Accounts receivable, net | |
| 487 | | |
| 536 | |
Inventory, net | |
| 788 | | |
| 962 | |
Deferred cost of goods
sold (COGS) | |
| 709 | | |
| 809 | |
Other
current assets | |
| 285 | | |
| 280 | |
Total
current assets | |
| 3,686 | | |
| 4,036 | |
Property and equipment, net | |
| 544 | | |
| 570 | |
Right-of-use assets, net | |
| 166 | | |
| 193 | |
Deferred COGS | |
| 341 | | |
| 476 | |
Other assets | |
| 142 | | |
| 174 | |
Total
assets | |
$ | 4,879 | | |
$ | 5,449 | |
LIABILITIES AND DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 208 | | |
$ | 288 | |
Accrued expenses | |
| 124 | | |
| 132 | |
Deferred revenue | |
| 3,823 | | |
| 4,034 | |
Current operating lease
liabilities | |
| 124 | | |
| 123 | |
Other
current liabilities | |
| 27 | | |
| 30 | |
Total
current liabilities | |
| 4,306 | | |
| 4,607 | |
Long-term liabilities: | |
| | | |
| | |
Deferred revenue | |
| 1,205 | | |
| 1,550 | |
Noncurrent operating lease
liabilities | |
| 66 | | |
| 98 | |
Other
long-term liabilities | |
| 21 | | |
| 20 | |
Total
liabilities | |
| 5,598 | | |
| 6,275 | |
Commitments and contingencies | |
| | | |
| | |
Deficit: | |
| | | |
| | |
Acorn Energy, Inc. stockholders | |
| | | |
| | |
Common stock - $0.01 par value per share: 42,000,000 shares authorized,
2,537,485 and 2,534,969 shares issued at March 31, 2024 and December 31, 2023, respectively, and 2,487,307 and 2,484,791 shares outstanding
at March 31, 2024 and December 31, 2023, respectively | |
| 25 | | |
| 25 | |
Additional paid-in capital | |
| 103,361 | | |
| 103,321 | |
Accumulated stockholders’
deficit | |
| (101,083 | ) | |
| (101,148 | ) |
Treasury stock, at
cost – 50,178 shares at March 31, 2024 and December 31, 2023 | |
| (3,036 | ) | |
| (3,036 | ) |
Total Acorn Energy, Inc.
stockholders’ deficit | |
| (733 | ) | |
| (838 | ) |
Non-controlling
interests | |
| 14 | | |
| 12 | |
Total
deficit | |
| (719 | ) | |
| (826 | ) |
Total
liabilities and deficit | |
$ | 4,879 | | |
$ | 5,449 | |
ACORN
ENERGY, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
| |
Three
months ended March 31, | |
| |
2024 | | |
2023 | |
Cash flows used in operating activities: | |
| | | |
| | |
Net income
(loss) | |
$ | 68 | | |
$ | (84 | ) |
Depreciation and amortization | |
| 28 | | |
| 38 | |
(Decrease) increase in
the provision for credit loss | |
| (7 | ) | |
| 2 | |
Impairment of inventory | |
| 9 | | |
| 3 | |
Non-cash lease expense | |
| 32 | | |
| 31 | |
Stock-based compensation | |
| 27 | | |
| 17 | |
Change in operating assets
and liabilities: | |
| | | |
| | |
Decrease (increase) in
accounts receivable | |
| 56 | | |
| (176 | ) |
Decrease (increase) in
inventory | |
| 165 | | |
| (18 | ) |
Decrease in deferred COGS | |
| 235 | | |
| 37 | |
Decrease (increase) in
other current assets and other assets | |
| 27 | | |
| (20 | ) |
(Decrease) increase in
deferred revenue | |
| (556 | ) | |
| 45 | |
Decrease in operating lease
liability | |
| (36 | ) | |
| (33 | ) |
(Decrease)
increase in accounts payable, accrued expenses, other current liabilities and non-current liabilities | |
| (91 | ) | |
| 75 | |
Net
cash used in operating activities | |
| (43 | ) | |
| (83 | ) |
| |
| | | |
| | |
Cash flows used in investing activities: | |
| | | |
| | |
Investments
in technology | |
| (2 | ) | |
| (26 | ) |
Net
cash used in investing activities | |
| (2 | ) | |
| (26 | ) |
| |
| | | |
| | |
Cash flows provided by financing activities: | |
| | | |
| | |
Stock option exercise proceeds | |
| 13 | | |
| — | |
Warrant exercise proceeds | |
| — | | |
| 5 | |
Net
cash provided by financing activities | |
| 13 | | |
| 5 | |
| |
| | | |
| | |
Net decrease in cash | |
| (32 | ) | |
| (104 | ) |
Cash at the beginning
of the period | |
| 1,449 | | |
| 1,450 | |
Cash at the end of the
period | |
$ | 1,417 | | |
$ | 1,346 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Cash paid during the year
for: | |
| | | |
| | |
Interest | |
$ | 1 | | |
$ | — | |
Income taxes | |
$ | 2 | | |
$ | — | |
Non-cash investing and financing activities: | |
| | | |
| | |
Accrued preferred dividends
to former CEO of OmniMetrix | |
$ | 1 | | |
$ | 1 | |
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Acorn Energy (QB) (USOTC:ACFND)
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から 6 2023 まで 6 2024