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Kustom Entertainment, Inc., formerly Digital Ally, Inc., reports developments tied to its shift from video recording and safety technology toward live entertainment production, online ticketing and ticket brokering. Company news includes updates on the Kustom Entertainment business, Country Stampede Music Festival programming, ticketing initiatives, and the corporate name and ticker transition from Digital Ally to Kustom Entertainment.
Coverage also includes Digital Ally's legacy video solutions business, including in-car camera systems, evidence-management features, cloud-hosted video storage, and products for law enforcement, emergency management, fleet safety and event security. Recurring corporate updates address operating results, capital actions, Nasdaq compliance, subsidiary transactions, distribution agreements and public-company governance matters.
Digital Ally (NASDAQ: DGLY) announced a significant order from the Wyandotte County Sheriff’s Office for 40 additional FirstVu HD body-worn cameras, hosted on the EVO Web Portal. This order brings the total to over 60 cameras deployed in the last year, reflecting the Sheriff's Office's commitment to safety and technology in law enforcement. CEO Stan Ross highlighted the importance of this partnership as they continue to enhance their in-car systems and body-worn camera policies.
Digital Ally, Inc. (DGLY) reported a 44% revenue increase in Q2 2021, amounting to $2,493,671, compared to $1,732,192 in Q2 2020. This growth was driven by a 63% rise in product revenues, fueled by the EVO-HD and Shield lines. Gross margin increased to 51% from 23% year-over-year. However, SG&A expenses rose by 53% to $3,877,684 due to heightened insurance premiums and travel costs. The company reported a net loss of $5,382,487 or ($0.10) per share. Digital Ally announced plans for future product expansions and ongoing monitoring of the COVID-19 pandemic's impact on operations.
Digital Ally announced an investor conference call scheduled for August 18, 2021, at 11:15 a.m. EDT to discuss its Q2 2021 operating results and other topics, including the Shield Health Protection Product line. The call will follow the release of its operating results prior to the event. Interested parties can join by dialing (844) 761-0863 with conference ID #1285925. A replay will be available until October 18, 2021, at 11:59 p.m. EDT. Digital Ally offers advanced video recording products for public safety and health protection solutions.
Digital Ally announces the acquisition of a medical billing company through its subsidiary Digital Ally Healthcare, aiming to generate approximately $1.0 million in annual revenues. The acquisition, worth $1.2 million, involves 70% cash payment and an earn-out note linked to future performance. This marks the first acquisition for Digital Healthcare, supported by a $13.5 million venture fund, as part of their strategy to expand into the healthcare market with recurring revenues and profit potential.
Digital Ally has adjourned its Annual Meeting of Stockholders from July 1, 2021, to July 8, 2021, seeking a quorum to conduct business. The meeting records remain as of April 23, 2021. Stockholders who voted prior do not need to act unless changing their votes. The company encourages stockholders to participate and reconsider votes on proposals in the Definitive Proxy Statement.
For more information, stockholders can contact Digital Ally at (913) 814-7774.
Digital Ally, Inc. (DGLY) has announced the adjournment of its Annual Meeting of Stockholders, originally scheduled for June 22, 2021, to July 1, 2021. The move was made to allow the Company more time to achieve a quorum for business transactions. The record date remains April 23, 2021. Stockholders who have already submitted proxy votes do not need to take further action. The Company encourages stockholders to review the proxy materials and vote promptly, especially those who voted against proposals in the Proxy Statement.
Digital Ally has announced the formation of Digital Ally Healthcare, Inc., a new business unit aiming to tap into the healthcare market, valued at approximately $3.5 trillion annually. The company is investing $13.5 million to acquire revenue cycle management (RCM) companies, starting with two targets generating $5 million in annual revenue. Digital Healthcare will own 51% of this venture, ensuring a consistent cash flow. The initiative aligns with the company's strategic goal to diversify its offerings and expand profit margins, as emphasized by CEO Stan Ross.
Digital Ally reported a 4% revenue increase in Q1 2021, totaling $2,535,829 compared to $2,425,745 in Q1 2020. This growth was driven by a boost in product sales, especially from new lines ThermoVU™ and Shield™. However, service revenues fell 5% due to COVID-19 impacts. Gross profit decreased by 36%, leading to an operating loss of $2,865,693. Notably, the company achieved a net income of $21,721,858, a significant improvement from last year's loss. Recent funding efforts raised approximately $66.4 million for operational expansion. An investor call is scheduled for May 18, 2021.
Digital Ally will host an investor conference on May 18, 2021, at 11:15 a.m. EDT, to discuss its operating results for Q1 2021, including its Shield™ Health Protection Product line. The company will release its financial results before the conference call. Shareholders can join the call by dialing (844) 761-0863 and entering conference ID #2687583. A replay will be available from May 18 until July 23, 2021. Digital Ally specializes in video recording equipment and health protection products for various sectors.
Digital Ally (NASDAQ: DGLY) announced new upgrade orders for its evidence recording technology, including eleven EVO-HD in-car video systems and twenty-six FirstVu HD body-worn cameras from the Raymore Police Department. This acquisition was facilitated by the company's subscription payment program. Additional orders were also secured from the North Huntingdon and Hearne Police Departments. CEO Stan Ross emphasized the importance of this technology for law enforcement, noting its comprehensive solution for evidence management.