Vaso reports Q1 EPS reports Q1 revenue $18.7M vs. $19M last year

“Total revenue for the first quarter of 2024 was $18.7 million, a decrease of $0.3 million or 1.6% when compared to the same quarter last year, mainly due to lower sales in the equipment segment. Quarterly gross profit was $10.9 million, a decrease of $0.6 million or 5.6% year-over-year, as a result of lower revenue and lower gross margin,” stated Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “We have also recorded a net loss of approximately $1.2 million for the quarter, as we usually incur losses historically in the early quarters of the year due to the cyclic nature of our businesses. Our operating cashflow in the first quarter improved by $0.8 million year-over-year despite higher operating expenses resulting from the effect of inflation, added headcount for a new program initiated in 2023, and spending for investment banking activities related to the previously announced proposed business combination. Our cash, cash equivalents and short-term investments totaled approximately $26.0 million as of May 3, 2024. As the Company’s financial position remains very strong with good cash balance, high deferred revenue in the professional sales service segment and high backlog in the IT services business, management is looking forward to another great year in 2024.”