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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 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.
Vaso Corporation reported a net income of $2.5 million for Q3 2022, an increase from $0.7 million in Q3 2021, on revenues of $20.0 million, up from $18.4 million year-over-year. The professional sales services segment saw a 30% increase in revenue, contributing significantly to earnings. Cash and short-term investments rose to $18.7 million, up $12.0 million since the start of the year. Adjusted EBITDA increased to $2.8 million. Despite challenges from inflation and supply chain issues, management remains optimistic about future performance.
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