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Acorn Energy Q1 loss narrows YOY

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Acorn Energy Q1 loss narrows YOY

Acorn Energy Inc. said its first-quarter normalized net income amounted to a loss of 2 cents per share, compared with a loss of 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $572,750, compared with a loss of $911,250 in the year-earlier period.

The normalized profit margin rose to negative 12.0% from negative 24.6% in the year-earlier period.

Total revenue grew 28.3% on an annual basis to $4.8 million from $3.7 million, and total operating expenses rose 5.5% year over year to $5.5 million from $5.2 million.

Reported net income came to a loss of $1.6 million, or a loss of 6 cents per share, compared to a loss of $1.4 million, or a loss of 5 cents per share, in the year-earlier period.