Qualstar: Fiscal 2Q24 Financial Results

Qualstar Corporation announced its financial results for the 3- and 6-month periods ended June 30, 2024.

Key Highlights:

• Revenue increased 26% for 2FQ24, compared 2FQ23, and increased 14% for 1FH24 compared to 1FH23. Revenues were up for power supplies business on shipments of more units in 2024 vs. 2023, offset slightly by lower revenues from storage business this year compared to last year.
• For the remainder of 2024, the company expect a significant revenue reduction in power supplies business due to the completion of existing orders in 1FH24 from a legacy customer. It anticipates the annual revenue run-rate of power supplies business will decline substantially. It has made cost reductions that correspond to the lower sales forecast in order to target operating at breakeven.
• Net losses for the 3- and 6-month periods ended June 30, 2024, were impacted by certain non-routine expenses and non-cash charges. The firm uses an Adjusted EBITDA financial measure to understand and evaluate its core operating performance. Adjusted EBITDA for 2FQ24, improved to $38,000, from ($197,000) in 2FQ23. Adjusted EBITDA for 1FH24 improved to ($107,000), from ($223,000) in 1FH23.

In August 2024, firm’s independent registered public accounting firm completed its audits of our consolidated financial statements for FY23 and FY22.

The vendor continue to pursue acquisitions of companies in the data management software and hardware systems spaces.

It ended 2FQ24 with $2.4 million in cash and cash equivalents.

Qualstar will voluntarily delist its common stock from the Nasdaq, effective on or about April 30.