Significant Revenue Increase
Revenue increased by 65% for the second quarter to $3.8 million compared to $2.3 million for the same period in 2023. Additionally, the 6-month period saw a 29% revenue increase to $7.1 million compared to $5.1 million in 2023.
Improved Profit Margins
Gross profit increased by 265% to $2.6 million for the quarter, with a gross profit margin of 68% compared to 31% in the previous year. Profit from operations rose significantly to $2 million, compared to a loss of $102,577 in the previous year.
Positive Net Income
Net income for the quarter was $1 million or $0.07 per share, compared to a loss of $117,000 or a loss per share of $0.01 in the same quarter of 2023.
Increase in Rental Equipment
There was a $3.6 million increase in rental equipment, contributing to a $4 million increase in total assets.