Acorn Energy reports Q2 EPS 11c vs. 4c last year

Reports Q2 revenuJan Loeb, Acorn’s CEO, commented, “Our Q2 and first half results reflect increases in hardware revenue, which supports future growth in recurring, high-margin, monitoring revenue. Building on this trend in June, we secured a contract valued at approximately $5M with a leading wireless telecom provider to provide remote monitoring and control services for between 5-10 thousand cell tower backup generators in the U.S. We expect to deploy the monitoring units and services over a two-year period. We have already received purchase orders for approximately $2 million and expect to commence hardware shipments in August and to book related revenue upon customer acceptance late in Q3’24 and continuing in subsequent periods.This contract, the largest in OmniMetrix history, puts us on a solid path to achieve or exceed our annual revenue growth target of 20% this year and next. The contract was secured through a competitive selection process which we believe confirms the value and compelling characteristics of OmniMetrix’s industry-leading solutions, technology and customer service. We are working to ensure that the project’s successful completion serves as powerful case study for other large commercial and industrial deployment opportunities.e $2.28M vs. $1.97M last year.”