Table Trac, Inc. reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for the third quarter reached $2,547,600, a 38.8% increase from $1,836,204 in Q3 2023. For the nine-month period, revenues rose to $8,024,590, up 21.8% from $6,575,206 in the prior year. This growth was driven by a notable increase in system revenue, which surged to $615,160 in Q3 2024 from $211,775 in Q3 2023, and for the nine months, it increased to $2,954,963 from $1,935,083.

Gross profit for the third quarter was $1,800,307, representing 70.7% of revenues, compared to $1,407,404 (76.7% of revenues) in the same quarter of 2023. For the nine-month period, gross profit was $5,735,471 (71.5% of revenues), up from $5,158,058 (78.4% of revenues). The increase in cost of sales, which rose to $747,293 in Q3 2024 from $428,800 in Q3 2023, contributed to the decline in gross margin percentage.

Operating income for the third quarter improved to $268,497, compared to $115,141 in Q3 2023, while for the nine months, it increased to $1,224,843 from $1,120,477. Net income for the third quarter was $292,379, up from $171,998, and for the nine months, it reached $1,110,610, slightly higher than $1,079,239 in the previous year.

The company’s total assets as of September 30, 2024, were $13,171,495, an increase from $11,738,314 at the end of 2023. Current assets decreased, with cash and cash equivalents at $2,007,323, down from $3,489,771, while short-term investments rose to $4,573,853 from $1,502,805. Total stockholders’ equity increased to $10,990,103 from $9,899,565.

Cash flow from operations showed a significant turnaround, with net cash provided amounting to $1,689,903 for the nine months ended September 30, 2024, compared to a cash outflow of $(259,189) in the same period of 2023. However, net cash used in investing activities rose sharply to $(3,079,655) from $(25,109) in the prior year.

Research and development expenses increased significantly to $143,831 for the nine months ended September 30, 2024, compared to $38,550 in 2023, indicating a strategic focus on innovation. The company maintained a backlog of five projects, unchanged from the previous year.