Vislink Technologies, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance in revenue and profitability compared to the previous fiscal period. For the third quarter of 2024, the company generated revenue of $7,066,000, a slight decrease of 1.6% from $7,179,000 in Q3 2023. However, for the nine months ended September 30, 2024, revenue increased by 25.5% to $24,366,000, up from $19,410,000 in the same period of 2023. This growth was primarily driven by a significant rise in equipment sales, which reached $6,354,000 in Q3 2024, compared to $6,234,000 in Q3 2023, and totaled $21,814,000 for the nine months, up from $16,907,000.

Despite the revenue growth for the nine-month period, the company reported a net loss of $(3,010,000) for Q3 2024, an increase of 53% from a net loss of $(1,970,000) in Q3 2023. The cumulative net loss for the nine months was $(6,228,000), a slight improvement from $(6,754,000) in the prior year. The increase in Q3 net loss was attributed to higher costs in research and development, general and administrative expenses, and cost of components and personnel.

Vislink's total current assets decreased to $34,697,000 as of September 30, 2024, down from $38,482,000 at the end of 2023, while total assets also fell to $40,408,000 from $44,992,000. The company's total stockholders' equity decreased to $31,990,000 from $36,977,000, reflecting ongoing financial challenges.

In a strategic move, the company announced a restructuring plan on November 12, 2024, which includes workforce reductions and the termination of manufacturing operations in the U.K. and Poway, California, with activities being consolidated in Mount Olive, New Jersey. This restructuring is expected to incur one-time costs of approximately $4.9 million, with anticipated savings beginning in Q4 2024 and continuing into 2025.

As of September 30, 2024, Vislink had $3,213,000 in cash and cash equivalents, a significant decrease from $8,482,000 at the end of 2023. The company also reported an accumulated deficit of $(315,454,000), reflecting ongoing financial pressures. The management acknowledged material weaknesses in internal controls over financial reporting, which they are working to address.