Image Sensing Systems reported financial results for Q3 and the first nine months of 2020. Third quarter royalties were $2.2 million, down 7% year-over-year, while product sales rose 18% to $1.5 million. Net income fell significantly to $659,000 from $6.1 million in Q3 2019. Year-to-date results showed total revenue of $10.3 million, a 9% decrease compared to 2019. The company's cash balance increased to $7.5 million. Operating expenses rose 8% year-to-date, impacting overall profitability.
Image Sensing Systems reported its financial results for the second quarter and first half of 2020, revealing a stable royalty income of $2.2 million, while product sales fell 42% to $1.2 million.
Operating expenses slightly increased by 1% to $2.4 million, and net income dropped to $150,000 compared to $647,000 in the prior year. However, the cash balance improved to $6.8 million. For the first half, total revenue decreased 14% year-over-year, with net income declining to $39,000.
Image Sensing Systems, Inc. (ISNS) reported Q1 2020 results with total revenue of $3.2 million, down from $3.4 million a year prior. Royalties increased by 20% to $2.1 million, while product sales fell 35% to $1.1 million. The company incurred a net loss of $111,000, reversing last year's net income of $308,000. Operating expenses rose by 23% to $2.8 million due to increased legal and consulting costs. Cash rose to $5.4 million. ISS aims to overcome order delays caused by COVID-19, anticipating recovery as the situation improves.