Table Trac (TBTC) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 rose 42% year-over-year to $3.46M, with net income up 41% to $807K; six-month revenue increased 16% to $5.48M, but net income declined 10% to $818K.

• Gross margin decreased to 71.1% in Q2 2024 from 76.7% in Q2 2023, impacted by higher labor/equipment costs and a $275K one-time payment for a promotional product issue.

• Four new systems delivered and one customer expanded in H1 2024; U.S. sales comprised 95.8% of Q2 revenue.

• Backlog at quarter-end was four projects, down from eight a year ago.

Financial highlights

• Q2 2024 revenue: $3.46M (up from $2.44M in Q2 2023); six-month revenue: $5.48M (up from $4.74M).

• Q2 2024 net income: $807K (up from $571K); six-month net income: $818K (down from $907K).

• Q2 2024 EPS: $0.18 basic, $0.17 diluted; six-month EPS: $0.18 basic/diluted (down from $0.20).

• Gross profit margin: 71.1% in Q2 2024 (down from 76.7%); 71.8% for six months (down from 79.1%).

• Cash and equivalents at June 30, 2024: $2.48M; short-term investments: $3.57M.

Outlook and guidance

• Management expects sufficient liquidity for at least 12 months and continues to pursue new contracts and strategic partnerships.

• One new contract signed post-quarter; focus remains on expanding U.S. and international presence.