Taitron Components Incorporated reported a decline in financial performance for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. For Q3 2024, net product revenue was $1,187,000, down 24.1% from $1,563,000 in Q3 2023. For the nine months ended September 30, 2024, revenue decreased by 34.3% to $3,374,000 from $5,139,000 in the prior year. The decrease in revenue was attributed to lower sales of products, particularly those with higher margins.
Gross profit for Q3 2024 was $552,000, a significant drop from $918,000 in Q3 2023, resulting in a gross margin percentage of 46.5%, down from 58.7% in the prior year. For the nine-month period, gross profit also fell to $1,710,000 from $2,917,000, with the gross margin percentage decreasing to approximately 50.7% from 56.8%. Selling, general, and administrative expenses remained stable at $530,000 for Q3 2024, while for the nine months, these expenses slightly decreased to $1,683,000 from $1,703,000.
Net income for Q3 2024 was $245,000, down from $411,000 in Q3 2023, and for the nine months, net income decreased to $1,203,000 from $1,704,000. The company reported a significant increase in other income, netting $163,000 in Q3 2024 compared to $13,000 in Q3 2023, primarily due to unrealized capital appreciation of short-term investments.
As of September 30, 2024, Taitron's total assets increased to $18,677,000 from $18,006,000 at the end of 2023, driven by higher current assets, which rose to $13,378,000 from $12,807,000. Cash and cash equivalents decreased to $4,708,000 from $6,205,000, while accounts receivable saw a notable increase to $623,000 from $92,000, indicating improved collection efforts.
Current liabilities also rose to $1,517,000 from $1,163,000, with accounts payable increasing significantly to $725,000 from $194,000. Total equity as of September 30, 2024, was $17,160,000, up from $16,843,000 at the end of 2023, reflecting retained earnings growth.
Inventory levels increased to $2,998,000 from $2,597,000, with valuation allowances remaining relatively stable. The company reported no off-balance sheet arrangements as of the reporting date.
About TAITRON COMPONENTS INC
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.