Vaso Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total revenues for the third quarter reached $20.8 million, a 7% increase from $19.4 million in the same period of 2023. For the nine months, revenues were $59.7 million, slightly up from $59.1 million year-over-year.

The revenue growth was primarily driven by the IT segment, which generated $11.1 million in Q3 2024, up 12% from $9.9 million in Q3 2023. This increase was attributed to higher network services revenue. However, the professional sales service segment saw a modest increase in commission revenues to $9.1 million, while the equipment segment experienced a decline, with revenues falling to $573,000 from $745,000 due to reduced deliveries in China.

Despite the revenue growth, Vaso reported an operating loss of $1.4 million for Q3 2024, a significant decline from an operating income of $907,000 in Q3 2023. The nine-month operating loss also widened to $1.9 million from an operating income of $3.2 million in the prior year. The increased losses were attributed to higher investment banking costs related to the terminated Business Combination Agreement with Achari Ventures Holdings Corp., which resulted in a write-off of $508,000 in transaction costs.

Net loss for the third quarter was $1.2 million, compared to a net income of $1.2 million in Q3 2023. For the nine months, the net loss was $1.2 million, a stark contrast to the net income of $3.7 million reported in the same period last year. The company’s adjusted EBITDA also reflected a downturn, showing a loss of $1.3 million for the nine months, down from a positive $4 million in 2023.

On the balance sheet, Vaso's cash and cash equivalents increased significantly to $26.8 million as of September 30, 2024, compared to $11.3 million at the end of 2023. However, total current assets decreased to $43.0 million from $45.1 million, and total assets fell to $73.9 million from $75.8 million. The accumulated deficit grew to $36.2 million from $35.0 million.

The company continues to focus on its three business segments: IT, Professional Sales Service, and Equipment, and is exploring opportunities for internal growth and strategic investments in the medical and IT service sectors.