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Mace Security International (MACE) investor relations material
Mace Security International Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales for Q2 2024 were $1.36M, down 22% year-over-year due to loss of major retail customers and non-repeating international orders.
Gross profit rate remained at 30% in Q2 2024, with operational cost reductions offset by inflation in freight and components.
Net loss for Q2 2024 was ($722K), compared to ($629K) in Q2 2023; adjusted EBITDA loss widened to ($412K) from ($283K).
Year-to-date net sales fell 20% to $2.72M, with gross profit rate improving to 32% from 27% year-over-year.
Cash and cash equivalents declined to $60K as of June 30, 2024, with $1.25M drawn on a $2M credit line.
Financial highlights
Q2 2024 net sales: $1.36M (down 22% YoY); six-month net sales: $2.72M (down 20% YoY).
Q2 2024 gross profit: $409K (30% margin); six-month gross profit: $858K (32% margin).
Q2 2024 net loss: ($722K); six-month net loss: ($1.46M).
Adjusted EBITDA loss for Q2 2024: ($412K); six-month adjusted EBITDA loss: ($901K).
SG&A expense for Q2 2024: $947K; adjusted SG&A: $824K, 4% lower than prior year.
Outlook and guidance
Management continues to invest in manufacturing improvements and new product development to drive future growth.
Sales of S2 pepper spray launchers in Q3 to date are 10% higher than in Q2 2024.
Efforts underway to regain Amazon compliance for products affected by new button cell battery policy.
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