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Dec 30, 2024
NXT-ID Q4 2024 Earnings Report
LogicMark, Inc. reported its financial results for the fiscal year ended December 31, 2024, showing a decrease in revenue and an operating loss.
Key Takeaways
LogicMark, Inc. reported a slight decrease in revenue for the fiscal year ended December 31, 2024, with total revenues of $9,901,987 compared to $9,929,629 in the previous year. The company experienced an operating loss of $7,670,731 and a net loss of $9,003,745 for the year. Despite the losses, the company believes it has sufficient capital to sustain operations for the next year following a public offering in February 2025.
Revenue for the fiscal year 2024 was $9,901,987, a slight decrease from $9,929,629 in 2023.
The company reported an operating loss of $7,670,731 for fiscal year 2024, an improvement from the $15,328,467 operating loss in 2023.
Net loss for fiscal year 2024 was $9,003,745, compared to a net loss of $14,550,609 in 2023.
Cash and cash equivalents decreased to $3,806,915 as of December 31, 2024, from $6,398,164 in 2023.
NXT-ID
NXT-ID
Forward Guidance
LogicMark, Inc. anticipates continued investment in innovative software and services solutions, and expansion into consumer, pro-care/healthcare, and government lines of business. The company believes it has sufficient capital for the next year following a recent public offering.
Positive Outlook
- Continued investment in innovative software and services solutions.
- Expansion into consumer, pro-care/healthcare, and government lines of business.
- Sufficient capital to sustain operations for the next year due to February 2025 public offering.
- Potential to raise additional funds through equity or debt offerings to accelerate strategic plans.
- Maintaining profit margins through higher productivity, better supply chain management, and cost reduction programs.
Challenges Ahead
- Uncertainty in generating sufficient revenue and profitability in the future.
- Potential for material adverse effect if significant customer contracts, including the GSA Agreement, are lost.
- Inability to win or renew government contracts could harm operations and reduce profits.
- Significant disruptions of information technology systems or security breaches could materially adversely affect the business.
- Failure to keep pace with changing industry technology and consumer preferences could lead to a competitive disadvantage.