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Mar 31, 2020
Digital Ally Q1 2020 Earnings Report
Digital Ally's first quarter 2020 results were announced, impacted by the Covid-19 pandemic but showing improvements in gross profit and reduced operating losses.
Key Takeaways
Digital Ally reported a 5% decrease in revenue for Q1 2020 compared to Q1 2019, but improved gross profit by 18%. The company experienced an operating loss, but it was significantly less than the previous year due to reduced SG&A expenses. The Covid-19 pandemic adversely affected the company's operations as law enforcement and commercial customers delayed purchasing decisions.
Total revenue decreased by 5% to $2,425,745 compared to Q1 2019.
Gross profit improved 18% to $1,265,028, with gross margin increasing due to lower cost of sales.
Operating loss improved by 38% to $1,927,368 compared to $3,086,158 in 2019.
Net loss was ($2,334,110), or ($0.17) per share, compared to a prior-year net loss of $3,205,174, or ($0.29) per share.
Digital Ally
Digital Ally
Forward Guidance
Forward-looking statements caution that actual results could differ materially due to various factors, including the impact of the Covid-19 pandemic, the ability to resolve liquidity issues, and the outcome of litigation with Axon.