ACORN ENERGY, INC. Files 10-Q for Q1 2024

TL;DR

<b>ACORN ENERGY, INC. (ACFN) has filed its Q1 2024 10-Q report, detailing financial performance and company information.</b>

AI Summary

ACORN ENERGY, INC. (ACFN) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. ACORN ENERGY, INC. filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 1000 N West Street, Suite 1200, Wilmington, DE 19801. ACORN ENERGY, INC. was formerly known as ACORN FACTOR, INC., DATA SYSTEMS & SOFTWARE INC, and DEFENSE SOFTWARE & SYSTEMS INC. The filing includes financial data for periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking ACORN ENERGY, INC., this filing contains several important signals. The 10-Q filing provides a quarterly update on ACFN's financial health, including revenue, net income, and balance sheet items, crucial for investors assessing short-term performance and trends. Information on customer concentration risk is disclosed, highlighting potential vulnerabilities if key clients reduce business, which could impact revenue stability.

Risk Assessment

Risk Level: — ACORN ENERGY, INC. shows moderate risk based on this filing. The filing does not contain significant negative financial indicators or operational risks that would suggest a high-risk profile at this time.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-Q to understand ACFN's current financial position and future outlook.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 2023-12-31 — Previous Fiscal Year End (2023-12-31)
• 2023-03-31 — Prior Year Q1 End (2023-03-31)

Key Players & Entities

• ACORN ENERGY, INC. (company) — FILER
• ACFN (company) — FORMER COMPANY
• ACORN FACTOR, INC. (company) — FORMER COMPANY
• DATA SYSTEMS & SOFTWARE INC (company) — FORMER COMPANY
• DEFENSE SOFTWARE & SYSTEMS INC (company) — FORMER COMPANY
• Wilmington (location) — CITY
• DE (location) — STATE
• 19801 (location) — ZIP

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company's revenue is dependent on a limited number of customers, posing a risk if these customers reduce their business.

Industry Context

ACORN ENERGY, INC. operates within the engineering services sector, as indicated by its SIC code 8711.

Regulatory Implications

The filing is a standard 10-Q report under the Securities Exchange Act of 1934, requiring public companies to provide quarterly financial updates.

What Investors Should Do

1. Review the detailed financial statements for Q1 2024.
2. Analyze the customer concentration risk factors and their potential impact.
3. Monitor future filings for changes in financial performance and strategic direction.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2024-05-07: Subsequent Event Date — Date of a noted subsequent event.

Year-Over-Year Comparison

This 10-Q filing provides the first quarter financial data for 2024, allowing for comparison with the first quarter of 2023 and the full fiscal year 2023.

Key Financial Figures

• $0.01 — standing at May 7, 2024 Common Stock, $0.01 par value per share 2,487,307 ACORN
• $1 — 16 reverse stock split. ** less than $1 The accompanying notes are an integra

Filing Documents

• form10-q.htm (10-Q) — 695KB
• 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
• 0001493152-24-018334.txt (&nbsp;) — 4264KB
• acfn-20240331.xsd (EX-101.SCH) — 43KB
• acfn-20240331_cal.xml (EX-101.CAL) — 52KB
• acfn-20240331_def.xml (EX-101.DEF) — 114KB
• acfn-20240331_lab.xml (EX-101.LAB) — 298KB
• acfn-20240331_pre.xml (EX-101.PRE) — 232KB
• form10-q_htm.xml (XML) — 561KB

Financial Information

PART I Financial Information

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Deficit for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

Other Information

PART II Other Information 22

Exhibits

Item 6. Exhibits 22

Signatures

Signatures 23 Certain such as "we expect", "we anticipate", "we believe", "we estimate" and other phrases of similar meaning. Whether such statements ultimately prove to be accurate depends upon a variety of factors that may affect our business and operations. Many of these factors are described in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission. 2 PART I ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 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 (Note 7) 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, respecti

View Full Filing

View this 10-Q filing on SEC EDGAR