Data Call Technologies, Inc. reported a decline in financial performance for the second quarter and first half of 2024 compared to the same periods in 2023. For the three months ended June 30, 2024, revenues totaled $125.2 million, down approximately 9% from $137.6 million in the prior year. Similarly, for the six months ended June 30, 2024, revenues decreased by about 4.7% to $263.7 million from $276.6 million in 2023.
The company's gross margin also experienced a significant decline. For the second quarter of 2024, gross margin was $70.6 million, representing a margin of 56.4%, compared to $108.8 million and a margin of 79.1% in the same quarter of 2023. For the first half of 2024, gross margin was $156.4 million (59.3% margin), down from $197.8 million (71.5% margin) in the previous year. The increase in costs of sales contributed to this decline, with costs rising to $54.6 million in Q2 2024 from $28.8 million in Q2 2023, and to $107.3 million for the first half of 2024 from $78.9 million in 2023.
Net income showed a stark contrast, with a net loss of $23.3 million for the second quarter of 2024, compared to a net income of $5.5 million in the same period of 2023. For the first half of 2024, the net loss was $18.7 million, worsening from a loss of $4.3 million in the prior year.
The company's balance sheet reflects a decrease in cash, with $20.2 million as of June 30, 2024, down from $36.3 million at the end of 2023. Total current assets increased to $84.3 million, while total current liabilities rose significantly to $149.6 million, resulting in negative working capital of $65.3 million. Stockholders' equity also declined to $38.3 million from $56.9 million at the end of 2023.
Data Call Technologies has not reported any significant acquisitions or layoffs in this period. However, the company continues to focus on enhancing its digital signage services and maintaining strong client relationships in a competitive market. The financial statements for the periods ended June 30, 2024, are unaudited and prepared in accordance with U.S. GAAP.
About Data Call Technologies
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