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Jun 30, 2024
Digital Ally Q2 2024 Earnings Report
Announced operating results for the second quarter of 2024.
Key Takeaways
Digital Ally reported a decrease in total revenues and gross profit for the second quarter of 2024 compared to the same period in 2023, but showed an improvement in operating losses. The company is focusing on margins and working towards profitability, with success in new video products and the Digital Ally Healthcare venture.
Deferred revenue balance reached $10.1 million as of June 30, 2024, growing by approximately $0.6 million from $9.5 million as of June 30, 2023.
The company is seeing continued success and traction in the marketplace with new video products, like the EVO-HD, FirstVu Pro, and QuickVu docking stations.
Net losses decreased compared to the second quarter of 2023, indicating progress towards profitability.
Kustom Entertainment's business combination with Clover Leaf Capital Corp. is expected to provide clarity and show two distinct entities: Digital Ally and Kustom Entertainment.
Digital Ally
Digital Ally
Digital Ally Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comService & other Revenue
CapyFin.com Forward Guidance
Digital Ally anticipates benefits from the Kustom Entertainment business combination and aims to maximize existing business lines.
Positive Outlook
- Continued success and traction in the marketplace with new video products.
- Growth in deferred revenue balance.
- Potential benefits from the Kustom Entertainment business combination.
- Focus on organic growth opportunities with the Kustom 440 subsidiary and the acquisition of Country Stampede.
- Launch of KustomTickets.com, an advanced online ticketing platform.
Challenges Ahead
- Losses in recent years, including fiscal years 2023 and 2022.
- Economic and other risks from the effects of the COVID-19 pandemic.
- Uncertainty as to market acceptance of the company's technology and new products.
- Competition from larger, more established companies.
- Dependence on a few manufacturers and suppliers for components of products.
Revenue & Expenses
Visualization of income flow from segment revenue to net income