ACORN ENERGY, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ACORN ENERGY, INC. has filed its 2023 10-K report detailing financial performance and corporate history.</b>

AI Summary

ACORN ENERGY, INC. (ACFN) filed a Annual Report (10-K) with the SEC on March 7, 2024. ACORN ENERGY, INC. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023. The company was formerly known as ACORN FACTOR, INC., DATA SYSTEMS & SOFTWARE INC, and DEFENSE SOFTWARE & SYSTEMS INC. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021. Key entities mentioned include OMX Holdings Inc. and OmniMetrix LLC. The report covers financial periods from January 1, 2021, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking ACORN ENERGY, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of ACORN ENERGY, INC.'s financial health and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The historical company name changes and the mention of specific subsidiaries like OMX Holdings Inc. and OmniMetrix LLC offer insight into the company's evolution and its current business structure.

Risk Assessment

Risk Level: low — ACORN ENERGY, INC. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures without immediate, significant market-moving information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand ACORN ENERGY, INC.'s performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-03-07 — Filing Date (Date the 10-K was filed)
• 2023-01-01 — Fiscal Year Start (Beginning of the reporting period)
• 2022-12-31 — Prior Fiscal Year End (Comparative financial period)
• 2021-12-31 — Prior Fiscal Year End (Comparative financial period)

Key Players & Entities

• ACORN ENERGY, INC. (company) — Filer name
• ACORN FACTOR, INC. (company) — Former company name
• DATA SYSTEMS & SOFTWARE INC (company) — Former company name
• DEFENSE SOFTWARE & SYSTEMS INC (company) — Former company name
• OMX Holdings Inc. (company) — Subsidiary mentioned
• OmniMetrix LLC (company) — Subsidiary mentioned

FAQ

Industry Context

ACORN ENERGY, INC. operates within the Services-Engineering Services sector, as indicated by its SIC code 8711.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review any disclosed risk factors to understand potential business challenges.
3. Examine the business description and management discussion for strategic insights.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-07: Filing Date — Date ACORN ENERGY, INC. submitted its 10-K filing.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of ACORN ENERGY, INC.)

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — were 2,487,307 shares of Common Stock, $0.01 par value per share, outstanding. DOC
• $5.6 m — r 31, 2023, OmniMetrix had a backlog of $5.6 million, primarily comprised of deferred
• $4.0 million — comprised of deferred revenue, of which $4.0 million is expected to be recognized as revenue
• $6.2 million — in 2024. This compares to a backlog of $6.2 million at December 31, 2022. RESEARCH AND DE

Filing Documents

• form10-k.htm (10-K) — 1406KB
• ex21-1.htm (EX-21.1) — 4KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 20KB
• ex31-2.htm (EX-31.2) — 20KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-009150.txt (&nbsp;) — 7069KB
• acfn-20231231.xsd (EX-101.SCH) — 61KB
• acfn-20231231_cal.xml (EX-101.CAL) — 73KB
• acfn-20231231_def.xml (EX-101.DEF) — 193KB
• acfn-20231231_lab.xml (EX-101.LAB) — 431KB
• acfn-20231231_pre.xml (EX-101.PRE) — 343KB
• form10-k_htm.xml (XML) — 1117KB

BUSINESS

BUSINESS 3 Item 1A.

RISK FACTORS

RISK FACTORS 7 Item 1B. UNRESOLVED STAFF COMMENTS 14 Item 1C. CYBERSECURITY 14 Item 2.

PROPERTIES

PROPERTIES 15 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 15 Item 4. MINE SAFETY DISCLOSURES 15 PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 15 Item 6. [RESERVED] 16 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 16 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 23 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 23 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 24 Item 9A

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 24 Item 9B. OTHER INFORMATION 25 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 25 PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 25 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 28 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 33 Item 13. CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 34 Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 35 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 36 Item 16. FORM 10-K SUMMARY 36 Certain such as "believes", "expects", "may", "will", "should" or "anticipates", or the negatives thereof, or comparable terminology, or by discussions of strategy. You are cautioned that our business and operations are subject to a variety of risks and uncertainties and, consequently, our actual results may materially differ from those projected by any forward-looking statements. Certain of such risks and uncertainties are discussed below under the heading "Item 1A. Risk Factors." OmniMetrix , OmniView , ScopeView TM , SmartService TM , TrueGuard TM and TrueShield TM are trademarks of OmniMetrix, LLC. 2 PART I ITEM 1. BUSINESS OVERVIEW Acorn Energy, Inc. and its subsidiaries, OMX Holdings, Inc. and OmniMetrix, LLC (collectively, "Acorn" or "the Company") is a Delaware corporation which is a holding company focused on technology driven solutions for energy infrastructure asset management. We provide the following products and Internet of Things ("IoT") applications and services through our OmniMetrix, LLC ("OmniMetrix") subsidiary: Power Generation ("PG") monitoring. OmniMetrix offers PG wireless monitoring and control IoT solutions encompassing wireless remote monitoring devices and applications for both residential and commercial/industrial power generation equipment. This suite includes our suite of TrueGuard products as well as our AIRGuard product, designed for remote monitoring and control of industrial air compressors, as well as a Smart Annunciator product. This Sm

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View this 10-K filing on SEC EDGAR