Acorn Energy Inc Stock Price, News & Analysis

Acorn Energy, Inc. (OTCQB: ACFN) has appointed Peter Rabover, CFA, to its board of directors, expanding the board to five members with four being independent. Rabover, Managing Director of Artko Capital, LP, has been an investor in Acorn since 2018 and holds nearly 2 million shares. With over 20 years of buy-side investment experience and a background in corporate finance, Rabover's expertise is expected to enhance Acorn's growth strategies. CEO Jan Loeb expressed optimism about Rabover's ability to contribute to building long-term shareholder value through his financial knowledge and investment perspective.

Acorn Energy, Inc. (OTCQB: ACFN) reported Q4 and full-year 2022 results, highlighting a 5.2% increase in total revenue to $1.845 million for Q4 and a 3.3% rise to $7 million for the year. Gross profit also improved, reaching $1.352 million in Q4 and $5.071 million annually, maintaining a strong gross margin of 73.3% in Q4 and 72.4% for the year. The company faced challenges including rising costs and the impact of 3G sunsetting, but anticipates a rebound in monitoring revenue growth in 2023, projected to exceed 20%. With operating cash flow of $342,000 in Q4, Acorn expects to leverage its $1.5 million cash position for future growth, supported by opportunities in the IoT space and potential partnerships.

Acorn Energy, Inc. (OTCQB: ACFN) will host its Q4 conference call on March 16th at 11:00 a.m. ET. The call will feature Jan Loeb, President and CEO, and Tracy Clifford, CFO and COO of OmniMetrix, discussing the company’s full year and Q4 results, followed by a Q&A session.

Results will be released before the market opens that morning. The conference call can be accessed via dial-in numbers or online for replay. Acorn owns a 99% equity stake in OmniMetrix, a leader in IoT solutions for monitoring critical industrial equipment.

Power Solutions Specialists TX (PSS) and OmniMetrix, a subsidiary of Acorn Energy (ACFN), announced a partnership to support Texas homeowners in installing standby generators. This initiative allows customers to earn compensation through the ERCOT demand response program, providing financial benefits while ensuring reliable power during outages. The program enables installation at a reduced cost, with homeowners compensated for participating in grid support by potentially operating their generators for up to 12 hours annually.

OmniMetrix, a provider of remote monitoring solutions, has partnered with CPower Energy Management to allow its customers to engage in demand response programs. This initiative enables standby generator users to help manage electrical grid demand while earning compensation. CPower manages over 5.3 GW of capacity across the U.S. and provides critical support during peak demand. The partnership offers significant advantages to generator owners and energy users, including recurring revenue opportunities and enhanced reliability during extreme weather.

OmniMetrix, a subsidiary of Acorn Energy, announced a partnership with Power Solutions Specialist to deliver remote monitoring for Briggs and Stratton back-up generators over the next 12 months. This collaboration aims to enhance generator reliability and reduce maintenance costs, especially during emergencies. OmniMetrix reported a 25% increase in gross profit and revenue for the first half of 2021 compared to the previous year. This strategic move is positioned to strengthen OmniMetrix’s market share as it continues to innovate in the IoT sector.