Vaso Corporation announced its operating results for the three months ended September 30, 2024, reporting total revenue of $20.8 million. This represents a 7% increase compared to $19.4 million in the third quarter of 2023, primarily driven by higher revenue from the network services business within its IT segment.
Despite the top-line growth, the company recorded an operating loss of $1.4 million for Q3 2024, a decline from an operating income of $907 thousand in the same period of 2023. This shift was mainly attributed to increased operating expenses, including $1.5 million in investment banking activities related to a business combination, and a 5% rise in selling, general, and administrative (SG&A) expenses to $11.4 million.
The net loss for the third quarter of 2024 was $1.2 million, compared to a net income of $1.2 million in the prior year's quarter. Vaso maintained a strong balance sheet with $26.8 million in cash, cash equivalents, and short-term investments as of September 30, 2024, and total deferred revenue increased by $1.4 million during the quarter to $33.1 million, providing future revenue visibility.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.