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Jun 30, 2021
Digital Ally Q2 2021 Earnings Report
Reported a 44% increase in total revenues compared to 2020, with gross profit increasing by 221%.
Key Takeaways
Digital Ally, Inc. announced a 44% increase in total revenues for the second quarter of 2021 compared to 2020. Gross profit also significantly increased by 221%. The company reported an operating loss of $2,616,884 and a net loss of $5,382,487, or ($0.10) per share.
Total revenue increased by 44% to $2,493,671 compared to Q2 2020.
Gross profit increased by 221% to $1,260,800 versus $392,758 in 2020.
Operating loss was $2,616,884, bettering to 105% of revenues from 124% in Q2 2020.
Net loss was $5,382,487, or ($0.10) per share, compared to a net loss of $497,894 in the prior year.
Digital Ally
Digital Ally
Forward Guidance
Digital Ally is focusing on expanding its product offerings, including the ThermoVu and Shield lines, and exploring potential acquisitions to drive growth.
Positive Outlook
- Expansion of ThermoVu and Shield product lines.
- Increased market demand for the Shield line outside of COVID-19 response.
- Purchase of a new building to support expansion.
- Formation of Nobility Healthcare, LLC with completed and planned acquisitions.
- Substantial liquid resources available for organic expansion and acquisitions.
Challenges Ahead
- Challenges to the legacy business caused by the COVID-19 pandemic.
- Non-cash charge related to the change in fair value of the warrant derivative liability.
- Increase in SG&A expenses due to insurance premiums and other factors.
- Operating loss reported for the quarter.
- Caution in pursuing new opportunities due to current environment and future uncertainties.