2024 Q3 Form 10-Q Financial Statement

#000137778924000058 Filed on November 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $88.43M $87.57M
YoY Change 0.99% 13.1%
Cost Of Revenue $68.64M $55.71M
YoY Change 23.2% 11.52%
Gross Profit $19.79M $31.85M
YoY Change -37.88% 15.99%
Gross Profit Margin 22.38% 36.37%
Selling, General & Admin $24.95M $19.24M
YoY Change 29.69% 17.64%
% of Gross Profit 126.08% 60.39%
Research & Development $10.41M $6.424M
YoY Change 62.02% 22.18%
% of Gross Profit 52.6% 20.17%
Depreciation & Amortization $1.317M $1.168M
YoY Change 12.76% 14.62%
% of Gross Profit 6.66% 3.67%
Operating Expenses $35.36M $26.31M
YoY Change 34.41% 21.73%
Operating Profit -$15.57M $5.547M
YoY Change -380.66% -5.21%
Interest Expense -$1.115M -$99.00K
YoY Change 1026.26%
% of Operating Profit -1.78%
Other Income/Expense, Net -$710.0K -$901.0K
YoY Change -21.2% -143.38%
Pretax Income -$17.39M $4.646M
YoY Change -474.37% -36.51%
Income Tax -$5.514M $641.0K
% Of Pretax Income 13.8%
Net Earnings -$11.88M $4.005M
YoY Change -396.6% -11.65%
Net Earnings / Revenue -13.43% 4.57%
Basic Earnings Per Share -$0.94 $0.35
Diluted Earnings Per Share -$0.94 $0.34
COMMON SHARES
Basic Shares Outstanding 12.65M shares 11.53M shares
Diluted Shares Outstanding 12.65M shares 11.94M shares

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.03M $35.50M
YoY Change 43.76% -25.69%
Cash & Equivalents $51.03M $35.47M
Short-Term Investments
Other Short-Term Assets $32.94M $22.81M
YoY Change 44.39% 83.44%
Inventory $79.56M $30.70M
Prepaid Expenses
Receivables $169.0M $94.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $427.3M $244.4M
YoY Change 74.81% 18.42%
LONG-TERM ASSETS
Property, Plant & Equipment $11.88M $9.035M
YoY Change 31.52% -22.42%
Goodwill $15.15M $5.112M
YoY Change 196.42%
Intangibles $28.75M $8.870M
YoY Change 224.17%
Long-Term Investments
YoY Change
Other Assets $12.82M $13.44M
YoY Change -4.56% -87.31%
Total Long-Term Assets $163.6M $125.9M
YoY Change 29.95% 7.14%
TOTAL ASSETS
Total Short-Term Assets $427.3M $244.4M
Total Long-Term Assets $163.6M $125.9M
Total Assets $590.9M $370.3M
YoY Change 59.56% 14.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.9M $61.77M
YoY Change 69.87% 45.7%
Accrued Expenses $39.14M $20.56M
YoY Change 90.35% -23.75%
Deferred Revenue $79.38M $46.05M
YoY Change 72.38% 36.48%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.395M
YoY Change
Total Short-Term Liabilities $248.2M $129.2M
YoY Change 92.08% 23.67%
LONG-TERM LIABILITIES
Long-Term Debt $80.98M $0.00
YoY Change
Other Long-Term Liabilities $407.0K $317.0K
YoY Change 28.39% -98.15%
Total Long-Term Liabilities $81.39M $317.0K
YoY Change 25574.13% -98.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $248.2M $129.2M
Total Long-Term Liabilities $81.39M $317.0K
Total Liabilities $343.7M $144.1M
YoY Change 138.47% 18.01%
SHAREHOLDERS EQUITY
Retained Earnings -$590.4M -$583.9M
YoY Change 1.11% -2.59%
Common Stock $127.0K $117.0K
YoY Change 8.55% 4.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $247.1M $226.2M
YoY Change
Total Liabilities & Shareholders Equity $590.9M $370.3M
YoY Change 59.56% 14.32%

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$11.88M $4.005M
YoY Change -396.6% -11.65%
Depreciation, Depletion And Amortization $1.317M $1.168M
YoY Change 12.76% 14.62%
Cash From Operating Activities -$27.17M $13.98M
YoY Change -294.31% 2.97%
INVESTING ACTIVITIES
Capital Expenditures $5.421M $717.0K
YoY Change 656.07% -193.85%
Acquisitions
YoY Change
Other Investing Activities $2.396M $0.00
YoY Change -100.0%
Cash From Investing Activities -$21.18M -$717.0K
YoY Change 2853.28% -89.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $34.29M $180.0K
YoY Change 18949.44% -121.53%
NET CHANGE
Cash From Operating Activities -$27.17M $13.98M
Cash From Investing Activities -$21.18M -$717.0K
Cash From Financing Activities $34.29M $180.0K
Net Change In Cash -$12.76M $13.22M
YoY Change -196.51% 113.57%
FREE CASH FLOW
Cash From Operating Activities -$27.17M $13.98M
Capital Expenditures $5.421M $717.0K
Free Cash Flow -$32.59M $13.26M
YoY Change -345.69% -7.52%

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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates, assumptions and judgments affecting the amounts reported and related disclosures. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. The Company evaluates estimates and assumptions on an ongoing basis and may employ outside experts to assist in making these evaluations. Changes in such estimates, based on more accurate information, or different assumptions or conditions, may affect amounts reported in future periods. Such estimates affect significant items, including revenue recognition, provision for uncollectible receivables, inventory valuation, goodwill and identified intangible assets in business combinations, valuation allowances for deferred tax assets, uncertainties in income taxes, contingencies and recoverability of long-lived assets. Actual results may differ materially from estimates.</span></div>
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CY2024Q3 us-gaap Long Term Debt
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2024Q3 us-gaap Debt Instrument Carrying Amount
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CY2024Q2 us-gaap Restructuring Reserve
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CY2024Q3 avnw Finite Lived Intangible Asset Expected Amortization After Year Four
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15745000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
28754000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
86909000 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
31195000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
4890000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3989000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
432000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3557000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3557000 usd
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
3557000 usd
CY2023Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3590000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
3557000 usd
CY2023Q3 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-170000 usd
CY2023Q3 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
1738000 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
13980000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
218739000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
3557000 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
224343000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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