Singing Machine Announces Financial Results For FY23; FY23 EPS $(1.65) Vs $0.14 YoY; Revenue $39.3M Vs $47.5M YoY
Portfolio Pulse from Happy Mohamed
The Singing Machine Company, Inc. (NASDAQ: MICS) reported its FY23 financial results, showing a decrease in EPS from $0.14 YoY to $(1.65) and a decrease in revenue from $47.5M to $39.3M. The company attributes the decline to a slower holiday retail season due to inflation, higher interest rates, and overall economic conditions. However, the company improved its gross margins to 23.4% and reduced its short-term liabilities by 49%. The company also completed two capital raises and a successful uplisting to Nasdaq during FY23.
July 14, 2023 | 8:08 pm
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Singing Machine's FY23 financial results show a decrease in EPS and revenue, but improvements in gross margins and a reduction in short-term liabilities. The company also completed two capital raises and a successful uplisting to Nasdaq.
The decrease in EPS and revenue could negatively impact the stock price in the short term. However, the improvements in gross margins and reduction in short-term liabilities, along with the successful capital raises and Nasdaq uplisting, could provide some positive sentiment among investors.
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