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Electro-Sensors Inc. (ELSE) delivers mission-critical monitoring solutions for industrial safety and process efficiency. This news hub provides investors and industry professionals with authoritative updates on corporate developments, technological innovations, and market positioning.
Track official press releases covering financial results, product launches, and strategic initiatives. Our curated collection includes regulatory filings, partnership announcements, and operational updates directly from the company. Discover insights into ELSE's machine monitoring advancements and hazard detection systems that serve manufacturing, automation, and industrial safety sectors.
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Electro-Sensors, Inc. (Nasdaq: ELSE) and Mobile X Global, Inc. have mutually terminated their merger agreement originally made on June 10, 2022, due to challenges in securing necessary equity financing of at least $20 million. Insufficient PIPE investment opportunities in the current financial markets hindered the transaction's completion. Following this development, Electro-Sensors' board established a special committee to evaluate strategic alternatives for future business development.
Electro-Sensors, Inc. (NASDAQ: ELSE) reported Q3 2022 revenue of $2.216 million, a 2.9% increase year-over-year. The gross margin stood at 52.5%, down from 55.9% a year ago. Operating income surged 495% to $119,000, with a margin of 5.4%. Net income reached $122,000, translating to earnings per share of $0.04. Despite challenges in the macroeconomic environment, the growth was driven by increased sales of HazardPRO systems and traditional wired products.
Electro-Sensors, Inc. (NASDAQ: ELSE) reported record revenue of $2,564,000 for Q2 2022, a 4.1% increase from $2,462,000 in Q2 2021. Despite this growth, the company faced an operating loss of $365,000, translating to an EPS loss of $0.08. For the first half of 2022, net sales grew by 7.7% to $4,669,000, with a gross margin of 54.8%. Notably, the company announced a merger with Mobile X Global, Inc., indicating a strategic move for growth.
Electro-Sensors, Inc. (Nasdaq: ELSE) and Mobile X Global, Inc. have announced a definitive merger agreement to create a new company named Mobile X Global, Inc. This merger aims to launch Mobile X, a wireless service intended to disrupt the industry. Mobile X Global's cloud-native platform will enhance Electro-Sensors' wireless sensor business, with a projected launch later this year. After the merger, shareholders will receive approximately $18 million in cash dividends, translating to about $4.83 per share. The merged company will trade under the ticker symbol "MOBX."
Electro-Sensors reported Q1 FY22 revenue of $2.14 million, a 12.3% year-over-year increase. Gross margin improved to 54.6%, up 250 basis points from the previous year, highlighting effective cost management amidst global supply chain challenges. However, the company faced an operating loss of $14,000, increasing from a $4,000 loss in Q1 FY21. Net loss for the quarter was $9,000, compared to $2,000 the year prior. Cash and investments stood at approximately $9.7 million.
Electro-Sensors, Inc. (NASDAQ: ELSE) reported record net sales of $8.6 million for the year ending December 31, 2021, marking a 12.9% increase over 2020. The gross margin improved to 54.3%, up from 51.6% the previous year. Operating income rose to $441,000 from a loss of $204,000, resulting in a 5.0% operating margin. Net income reached $410,000, with diluted earnings per share at $0.12, compared to a loss of $0.04 in 2020. Growth was driven by domestic orders in agricultural and industrial sectors.
Electro-Sensors, Inc. (NASDAQ: ELSE) reported record third quarter revenue of $2,154,000, a 13.4% increase year-over-year. Gross margin improved to 55.9% from 52.2% due to enhanced manufacturing efficiency. The company posted a net income of $17,000, recovering from a loss of $46,000 in Q3 2020. Earnings per share rose to $0.01 from a loss of $0.01. Total cash and investments at quarter-end stood at approximately $9.7 million, reflecting solid financial positioning.
Electro-Sensors, Inc. (NASDAQ: ELSE) reported record revenue of $2,462,000 for Q2 2021, up 17.7% from $2,092,000 in Q2 2020. Gross margin improved to 55.9% from 52.5% year-over-year. The company achieved an operating income of $271,000, compared to $19,000 in the prior year, reflecting a significant 1326.3% increase. Earnings per share rose to $0.06, from $0.01 in Q2 2020. Cash and investments totaled approximately $9.6 million.
Electro-Sensors, Inc. (NASDAQ: ELSE) reported first-quarter 2021 results, with revenues at $1,901,000, down 1.1% year-over-year. Despite the decline in sales, the gross margin improved slightly to 52.1%. Operating expenses decreased significantly, resulting in a reduced operating loss of $4,000 compared to $141,000 in Q1 2020. The net loss was $2,000, or $0.00 per diluted share, a notable improvement from $91,000 the prior year.
International sales saw positive trends, especially in the HazardPRO product line.
Electro-Sensors, Inc. (NASDAQ: ELSE) reported Q3 2020 financial results, revealing a 7.3% decline in revenue to $1,899,000 compared to $2,049,000 in Q3 2019. The gross margin was 52.2%, a slight decrease from 52.4% the previous year. An operating loss of $54,000 was reported, significantly worse than last year’s $18,000 loss, contributing to a negative EPS of $(0.01). The ongoing COVID-19 pandemic continues to hinder sales, particularly in the HazardPRO wireless systems segment.
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