AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) As ofMarch 31, 2025 As ofDecember 31, 2024 (Unaudited) ASSETS Current assets: Cash $2,591 $2,326 Accounts receivable, net 2,060 1,933 Inventory 920 436 Other current assets 282 288 State income tax receivable — 10 Deferred cost of goods sold (COGS) 316 406 Total current assets 6,169 5,399 Property and equipment, net 481 505 Right-of-use assets, net 57 84 Deferred COGS 25 70 Other assets 92 103 Deferred tax assets 4,310 4,435 Total assets $11,134 $10,596 LIABILITIES AND EQUITY Current liabilities: Accounts payable $684 $297 Accrued expenses 198 290 Deferred revenue 3,394 3,521 Current operating lease liabilities 66 98 Other current liabilities 62 59 State income tax payable 34 19 Total current liabilities 4,438 4,284 Long-term liabilities: Deferred revenue 561 712 Other long-term liabilities 25 24 Total liabilities 5,024 5,020 Commitments and contingencies Deficit: Acorn Energy, Inc.stockholders Common stock - $0.01 par value per share: Authorized - 42,000,000 shares; issued - 2,541,308 at March 31, 2025 and December 31, 2024; outstanding - 2,491,130 at March 31, 2025 and December 31, 2024 25 25 Additional paid-in capital 103,466 103,405 Accumulated stockholders’ deficit (94,390) (94,854)Treasury stock, at cost – 50,178 shares at March 31, 2025 and December 31, 2024 (3,036) (3,036)Total Acorn Energy, Inc.stockholders’ equity 6,065 5,540 Non-controlling interests 45 36 Total equity 6,110 5,576 Total liabilities and equity $11,134 $10,596 ACORN ENERGY, INC.
AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(IN THOUSANDS, EXCEPT PER SHARE DATA) Three months ended March 31, 2025 2024 Revenue $3,098 $2,132 COGS 772 541 Gross profit 2,326 1,591 Operating expenses: Research and development (R&D) expenses 291 238 Selling, general and administrative (SG&A) expenses 1,431 1,275 Total operating expenses 1,722 1,513 Operating income 604 78 Interest income, net 24 15 Income before income taxes 628 93 Income tax expense 154 25 Net income 474 68 Non-controlling interest share of income (10) (3)Net income attributable to Acorn Energy, Inc.stockholders $464 $65 Basic and diluted net income per share attributable to Acorn Energy, Inc.stockholders: Net income per share attributable to Acorn Energy, Inc.stockholders – basic and diluted $0.19 $0.03 Weighted average number of shares outstanding attributable to Acorn Energy, Inc.stockholders – basic and diluted: Basic 2,491 2,486 Diluted 2,498 2,494 ACORN ENERGY, INC.
Reflecting revenue growth and operating leverage, Q1’25 net income attributable to Acorn stockholders improved to $464,000, or $0.19 per diluted share, up from $65,000, or $0.03 per diluted share, in Q1’24.
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