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Vaso Corp (VASO) delivers industrial technology solutions through engineered systems and operational excellence. This news hub provides investors with direct access to verified corporate updates, financial disclosures, and strategic developments.
Our curated collection features official press releases covering earnings results, technology partnerships, leadership announcements, and operational milestones. Key focus areas include manufacturing innovations, engineering advancements, and market expansion initiatives that drive the company's performance.
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Vaso (OTCQX: VASO) announced the SEC's approval of Achari Ventures Holdings Corp. I's (NASDAQ: AVHI) S-4 Registration Statement for their proposed business combination. Post-merger, the company will be renamed Vaso Holdings Corp. and listed on NASDAQ. Current Vaso stockholders will own 94-96% of the new entity, valued at approximately $176 million at closing.
Dr. Jun Ma, Vaso's President and CEO, highlighted the company's recent financial performance: annual revenues of $75.2M, $79.3M, and $81.0M in 2021, 2022, and 2023, respectively, with operating incomes of $2.5M, $6.5M, and $4.2M. The company has cash reserves of about $25 million. A special stockholders meeting is scheduled for August 26, 2024, to approve the business combination.
Vaso (OTCQX: VASO) announced its financial results for Q1 2024. Total revenue was $18.7 million, a 1.6% decrease year-over-year primarily due to lower equipment sales. Gross profit fell by 5.6% to $10.9 million, while SG&A expenses rose by 9.4% to $12.2 million. The company reported a net loss of $1.2 million and an adjusted EBITDA of negative $1.3 million. Despite these losses, Vaso's operating cash flow improved by $0.8 million year-over-year, and the company maintained a strong financial position with $26.0 million in cash and short-term investments as of May 3, 2024.
Vaso Corporation reported its annual financial results for 2022, achieving a record annual revenue of $80.0 million, a 5.9% increase from 2021. Annual net income rose to $11.9 million, up 95.7% year-over-year. The company highlighted strong performance in its professional sales service segment and improved operating results in the IT segment. However, the fourth-quarter revenue decreased by 4.2% compared to the prior year, attributed to lower revenues across all segments. Vaso ended the year with $20.3 million in cash and short-term investments and a significant increase in deferred revenue to $30.8 million.
Vaso Corporation reported a 5.9% growth in total revenue for fiscal year 2022, reaching $80.0 million, alongside a 149% leap in operating income to $7.9 million. Despite a 4.2% revenue decline in Q4 2022 to $23.5 million, driven by reduced IT segment revenue and equipment sales, net income surged to $8.2 million due to a $4.8 million tax benefit. The company boasts a solid financial standing with $20.3 million in cash and short-term investments and a historically high deferred revenue of $30.8 million. Looking ahead, Vaso anticipates recovery and growth in its IT and professional sales segments.
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