Digital Ally Inc Stock Price, News & Analysis

Digital Ally (NASDAQ: DGLY) announced on January 24, 2023, that it has secured an order from Cherokee County, Kansas, for upgraded body-worn and in-car camera systems, including the FirstVu Pro and EVO HD. This acquisition is facilitated through Digital Ally’s five-year subscription program. The FirstVu PRO features include live GPS tracking, remote activation, a full-color touchscreen, and robust video capabilities. The demand for the FirstVu PRO has been strong since its launch in Q1 2022, with over 200 subscription agreements established since early 2020.

Digital Ally, Inc. (NASDAQ:DGLY) will be featured on The RedChip Money Report airing on Bloomberg TV on January 21, 2023, at 7 p.m. ET. The interview will highlight the Company’s roll-up strategy, subscription model for recurring revenue, and partnership with NASCAR, alongside a planned product line expansion for 2023. This segment reaches approximately 73 million homes across the U.S. Digital Ally engages in video solution technology and healthcare revenue cycle management, aiming for growth through strategic acquisitions. For more details, view the full interview here.

Digital Ally, Inc. (NASDAQ: DGLY) has expanded its partnership with MetLife Stadium, deploying 70 FirstVu PRO body cameras and three QuickVu docking stations. This enhances the security and customer experience at the stadium, home to the New York Jets and Giants. The FirstVu PRO features include live GPS tracking, remote activation, and full HD recording capabilities. The cameras are integrated with the EVO Web cloud platform for centralized evidence management. This collaboration emphasizes safety and innovation in sports venues.

Kustom Entertainment, Inc., a new subsidiary of Digital Ally (NASDAQ: DGLY), will oversee TicketSmarter and Kustom 440. A corporate spin-off is planned for H1 2023 to launch a separate publicly traded entity centered on live events and ticketing. The merger aims to enhance entertainment partnerships and event production. Digital Ally and TicketSmarter plan to announce their first concert festival on December 16. TicketSmarter has sold over 48 million tickets in the last decade, focusing on secure and trustworthy ticket transactions.

Digital Ally plans to separate into two independent companies to enhance growth and shareholder value. This spin-off, set for early 2023, will create a ticketing and entertainment business and retain Digital Ally, Inc., focusing on video solutions and medical billing. The standalone entities anticipate annual revenues of $16-$18 million and $23-$25 million respectively for 2022. The separation aims for operational focus and flexibility, capitalizing on distinct market opportunities. Brody J. Green will lead Digital Ally, while Stanton E. Ross will oversee Kustom Entertainment.

Digital Ally, Inc. (DGLY) reported a significant revenue increase of 83% for Q3 2022, totaling $8.48 million, compared to $4.64 million in Q3 2021. The rise is primarily attributed to service revenue growth from recent acquisitions, including TicketSmarter, which generated $15.9 million year-to-date. However, gross profit dropped 57% to $595,500 due to increased cost of sales. SG&A expenses rose 43% to $7.16 million, leading to a net loss of ($1.9 million) or ($0.04) per share. An investor call is scheduled for November 16, 2022.

Digital Ally has announced the launch of the EVO Fleet Vehicle Camera, the most advanced video system for fleet vehicles to date. This new system, featuring telematics technology, includes driver-assist functions, live streaming, and A.I. alerts for distracted driving. It boasts up to 512 GB of storage and records in 1080P HD. The EVO Fleet is expected to ship in Q1 2023 and will be showcased at the Transportation Alliance Expo in Las Vegas. This innovation aims to enhance safety and security for fleet organizations.

Digital Ally, Inc. (NASDAQ: DGLY) announced its Law Enforcement division surpassed 200 subscriptions since June 2020, highlighting strong demand for its flexible payment model during budget constraints. The subscription service enables police agencies to acquire body-worn cameras and video solutions, such as the FirstVu PRO and EVO HD, often without down payments. Grant assistance is also available for agencies seeking funding for new video technology. The company's innovative products aim to enhance officer safety and operational efficiency.

Digital Ally (NASDAQ: DGLY) announced a securities purchase agreement with institutional investors for 1,400,000 shares of Series A and 100,000 shares of Series B convertible redeemable preferred stock, priced at $9.50 each. The total gross proceeds from this offering are expected to be $15 million. The preferred stocks are convertible at an initial price of $1.00 per share, pending stockholder approval to increase the authorized number of common shares. The offering is anticipated to close on October 19, 2022, subject to customary conditions.