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Jun 30, 2024
NXT-ID Q2 2024 Earnings Report
Reported slight revenue increase driven by higher average selling price, offset by softness in unit sales.
Key Takeaways
LogicMark, Inc. announced its Q2 2024 financial results, with a slight revenue increase driven by higher average selling prices offsetting softness in unit sales. The company is focused on expanding its sales and marketing efforts and continues to innovate in the personal safety and elder care markets.
Revenue increased slightly compared to the same period last year, driven by a higher average selling price.
Gross margin was 67%, down from 69% in the same period last year.
Net loss attributable to common shareholders was $2.1 million, an improvement from $2.3 million in the same period last year.
Cash balance as of June 30, 2024, was $3.0 million.
NXT-ID
NXT-ID
Forward Guidance
LogicMark intends to use the net proceeds from the offering for continued new product development, working capital and other general corporate purposes.
Positive Outlook
- Continued new product development
- Working capital
- General corporate purposes