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Jun 30, 2023
Digital Ally Q2 2023 Earnings Report
Announced operating results for the second quarter 2023.
Key Takeaways
Digital Ally reported nearly $8.3 million in quarterly revenues for the second quarter of 2023, along with improved gross profits compared to the second quarter of 2022. Deferred revenue balance was up nearly $3.5 million compared to the end of the second quarter of 2022, reaching nearly $9.5 million at June 30, 2023.
Reported nearly $8.3 million in quarterly revenues for Q2 2023.
Gross profits improved compared to Q2 2022.
Deferred revenue balance increased by nearly $3.5 million compared to the end of Q2 2022.
Operating loss improved by $1,720,548 (26%) compared to the same period last year.
Digital Ally
Digital Ally
Forward Guidance
The company is excited about the Agreement and Plan of Merger signed with Clover Leaf Capital Corp. to create Kustom Entertainment, Inc., a company with a focus and mission to own and produce events, festivals, and entertainment alongside its evolving primary and secondary ticketing technologies.
Positive Outlook
- New video products are gaining traction in the marketplace.
- Deferred revenue balance is up significantly.
- Digital Ally Healthcare venture is showing growth potential.
- Merger agreement with Clover Leaf Capital Corp. will create Kustom Entertainment, Inc.
- Kustom 440 hosted its first successful festival.
Challenges Ahead
- Total revenues decreased by $1,071,826 (11%) compared to the same period last year.
- Total other income (loss) decreased to ($3,379,845).
- Reported a net loss attributable to common stockholders of $8,393,304.
- Loss on accrual for legal settlement of $1,792,308.
- Interest expenses associated with the April 5, 2023 Purchase Agreement of $1,515,509 million.