Acorn Energy reports Q1 EPS 19c vs. 3c last year

Reports Q1 revenue $3.1M vs. $2.13M last year. Jan Loeb, Acorn’s CEO, said, “Our results continue to benefit from a large contract to provide monitoring equipment and an initial year of monitoring services for 5,000 to 10,000 cell tower backup generators. The rollout is progressing well, and we expect to complete hardware deliveries in 2025. The contract contributed $945,000 in revenue in Q1’25 and $2.6M since inception in Q3’24, primarily hardware revenue related to monitor shipments. “Our selection by one of the nation’s largest cell phone providers confirms OmniMetrix’s technology and service leadership. We have been working hard to make the rollout a success and believe we are well-positioned for future opportunities with this customer as well as others with large scale remote monitoring needs. “We also remain focused on a variety of initiatives to support our objective of achieving long-term revenue growth of 20% or more. Our sales team is focused on larger commercial and industrial customer opportunities, while at the same time we are working to support growth opportunities in the residential market through our network of approximately 600 generator dealers in North America. Additionally, we are working to build strategic relationships with power generator and other key original equipment manufacturers to bundle our respective solutions to greatly enhance their customer offering. We also remain active in our pursuit of strategic M&A opportunities that align with our business model and can be meaningfully accretive. “We continue to see a variety of factors that we expect to create greater commercial and consumer demand for backup power generation and remote monitoring and control in the coming years. These include more frequent severe weather incidents that can disrupt electricity access over long periods-highlighting the urgent need for reliable backup power solutions. Added to this is aging grid infrastructure and rising peak demand that are straining electrical grids that are already struggling to support the expansion of energy-intensive technologies like cloud computing, quantum computing, artificial intelligence, and the expanding demand for data. Given these scenarios, we expect continued growth in the currently modest penetration of standby power systems across commercial, industrial and residential applications. To meet this growing need, OmniMetrix is dedicated to advancing and developing cutting-edge, industry-leading solutions that deliver high-ROI value to our customers. I am grateful to the OmniMetrix team for their hard work and dedication to delivering a best-in-class experience to our customers each day.”