PCS Edventures! Reports Unaudited Results for the Second Quarter of Fiscal Year 2025

Rhea-AI Summary

PCS Edventures! reported unaudited Q2 FY2025 results with revenue of $2.27 million, down from $3.77 million in the same period last year. Net income before tax decreased to $0.55 million from $1.81 million year-over-year. The company ended with $4.01 million in cash.

The revenue decline was primarily due to reduced orders from two major customers for Discover Drones product, dropping to $0.45 million from $2.08 million last year. Excluding these customers, core revenue grew from $1.69 million to $1.82 million year-over-year.

Positive

• Cash position remains strong at $4.01 million
• Core revenue (excluding major drone customers) grew from $1.69M to $1.82M
• Company investing in capacity expansion for anticipated future growth

Negative

• Revenue declined 39.8% YoY to $2.27M from $3.77M
• Net income before tax decreased 69.6% to $0.55M from $1.81M
• Major customer orders for Discover Drones dropped by $1.63M

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BOISE, Idaho, Nov. 15, 2024 (GLOBE NEWSWIRE) --  PCS Edventures!, Inc. (“PCSV”), a leading provider of K-12 Science, Technology, Engineering and Mathematics (“STEM”) education programs, today announced unaudited results of operations for its second quarter of Fiscal Year 2025, which ended on September 30, 2024.

Revenue was $2.27 million compared to $3.77 million in revenue for the same period last year. Net income before income tax provisions was $0.55 million, compared to net income before income tax provisions of $1.81 million for the same period last year. The Company ended the quarter with $4.01 million in cash.

Mike Bledsoe, President, commented, “Last year, we had a record quarter in the second quarter of the fiscal year, due in large part to $2.08 million in orders from two large customers for our Discover Drones product. This year during the second quarter of the fiscal year, we generated $0.45 million in revenue from these two customers. Excluding the revenue from these customers from both periods would show a comparison of $1.69 million in revenue in last year’s second quarter of the fiscal year versus $1.82 million for this fiscal year’s second quarter. We believe that this comparison more accurately reflects the growth we are experiencing as a company, albeit with lumpiness at times like we just experienced.”

Todd Hackett, CEO, stated, “We have been investing significantly to expand our capacity with the expectation of higher sales volumes in the future. We believe that we have many years of growth ahead of us and are positioning the Company to take advantage of our opportunities.”

For more information about PCS Edventures!, Inc., visit our website.

Company financial information and reports can be found at https://www.sec.gov

About PCS Edventures!, Inc.

PCS Edventures!, Inc. (“OTCPK: PCSV”) is a Boise, Idaho, company that designs and delivers technology-rich products and services for the K-12 market that develop 21st-century skills. PCS programs emphasize experiential learning in Science, Technology, Engineering, and Math (“STEM”). https://edventures.com/.

Forward-Looking Statements.

This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this Press Release. This Press Release should be considered in light of the disclosures contained in the filings of PCS and its “forward-looking statements” in such filings that are contained in the United States Securities and Exchange Commission (the “SEC”) Edgar Archives at https://www.sec.gov.

Contact.

Investor Contact: Michael Bledsoe 1.800.429.3110, mikeb@edventures.com
Investor Relations Web Site: https://investors.edventures.com/

FAQ

What was PCS Edventures (PCSV) revenue in Q2 FY2025?

PCSV reported revenue of $2.27 million in Q2 FY2025, compared to $3.77 million in the same period last year.

How much cash did PCSV have at the end of Q2 FY2025?

PCSV ended Q2 FY2025 with $4.01 million in cash.

Why did PCSV's revenue decline in Q2 FY2025?

The revenue decline was primarily due to reduced orders from two major customers for the Discover Drones product, which decreased from $2.08 million to $0.45 million.

What was PCSV's net income before tax in Q2 FY2025?

PCSV reported net income before tax of $0.55 million in Q2 FY2025, compared to $1.81 million in the same period last year.