false
0000880984
0000880984
2023-11-09
2023-11-09
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported) November 9, 2023
ACORN
ENERGY, INC.
(Exact
name of Registrant as Specified in its Charter)
Delaware
|
|
001-33886
|
|
22-2786081 |
(State
or Other Jurisdiction |
|
(Commission
|
|
(IRS
Employer |
of
Incorporation) |
|
file
Number) |
|
Identification
No.) |
1000
N West St., Suite 1200, Wilmington, Delaware |
|
19801 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code (410) 654-3315
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-2 under the Exchange Act (17 CFR 240.14a-2) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
None |
|
|
|
|
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
November 9, 2023, the Registrant issued a press release announcing its 2023 third quarter results. The press release is attached as Exhibit
99.1 hereto.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized on this 9th day of November, 2023.
|
ACORN
ENERGY, INC. |
|
|
|
|
By: |
/s/
Tracy S. Clifford |
|
Name:
|
Tracy
S. Clifford |
|
Title:
|
Chief
Financial Officer |
Exhibit
99.1
Press
Release & Investor Call
Acorn
Q3 EPS Rises to $0.01 vs. Loss of ($0.08) on 17% Revenue Increase;
Signs
Generator Dealer Agreement That Could Drive Significant Growth in 2024
Investor
Call Today at 11am ET – Dial-in # 1-844-834-0644
Wilmington,
DE – November 9, 2023 – Acorn Energy, Inc. (OTCQB: ACFN), a provider of remote monitoring and control solutions
for backup power generators, gas pipelines, air compressors and other mission- critical assets, announced results for its third quarter
ended September 30, 2023 (Q3’23). Acorn generated positive net income and operating cash flow on Q3’23 revenue growth of
17%. Acorn also announced a significant new reseller agreement with a leading US generator dealer. Acorn will host an investor call today
at 11:00 a.m. ET (details below).
Summary
Financial Results
($
in thousands) | |
Q3’23 | | |
Q3’22 | | |
Change | | |
9M’23 | | |
9M’22 | | |
Change | |
Monitoring
revenue | |
$ | 1,083 | | |
$ | 958 | | |
| +13.0 | % | |
$ | 3,172 | | |
$ | 2,914 | | |
| +8.9 | % |
Hardware
revenue(1) | |
$ | 1,004 | | |
$ | 825 | | |
| +21.7
| % | |
$ | 2,637 | | |
$ | 2,241 | | |
| +17.7 | % |
Total
revenue(2) | |
$ | 2,087 | | |
$ | 1,783 | | |
| +17.0
| % | |
$ | 5,809 | | |
$ | 5,155 | | |
| +12.7 | % |
Gross
profit | |
$ | 1,550 | | |
$ | 1,215 | | |
| +27.6
| % | |
$ | 4,356 | | |
$ | 3,719 | | |
| +17.1 | % |
Gross
margin | |
| 74.3 | % | |
| 68.1 | % | |
| | | |
| 75.0 | % | |
| 72.1 | % | |
| | |
| (1) | Q3’23
and 9M’23 include $150,000 of revenue from sales of the new version of our products
with updated functionality that was launched September 1, 2023, for which the revenue is
recognized when the unit is shipped. |
| (2) | All
of Acorn’s revenue is derived from its 99%-owned operating subsidiary, OmniMetrix. |
Non-GAAP
Measure
Reconciliation
of GAAP Revenue to Cash-Basis Revenue**
($ in thousands) | |
Q3’23 | |
Q3’22 | |
9M’23 | |
9M’22 |
Total GAAP revenue | |
$ | 2,087 | | |
$ | 1,783 | | |
$ | 5,809 | | |
$ | 5,155 | |
Less: Amortization of deferred revenue | |
| (1,711 | ) | |
| (1,589 | ) | |
| (4,993 | ) | |
| (4,572 | ) |
Plus: Sales recorded to deferred revenue | |
| 1,555 | | |
| 2,007 | | |
| 5,033 | | |
| 5,232 | |
Other adjustments and
write-offs | |
| 2 | | |
| 1 | | |
| 57 | | |
| 32 | |
Total
cash-basis revenue ** | |
$ | 1,933 | | |
$ | 2,202 | | |
$ | 5,906 | | |
$ | 5,847 | |
Year-over-year change | |
| -12.2 | % | |
| | | |
| +1.0% | | |
| | |
**See
definition of Non-GAAP measure below.
CEO
Commentary
Jan
Loeb, Acorn’s CEO, commented, “Acorn achieved its second consecutive quarter of positive cash flow and net income in Q3’23
with a 17% increase in total revenue, demonstrating the strength and resiliency of our value proposition and the growing scale of our
recurring revenue model. Our performance was achieved despite $102,000 of one-time expenses (approximately $0.04 per share) related to
the 1-for-16 reverse split successfully completed during the quarter.
“As
we have noted, the reverse split was intended to make our common stock accessible to a broader base of investors. Given our strong operating
results, growth outlook and sound financial position, we believe Acorn has reached the point where we could benefit from a materially
higher share price, while also better positioning our company for our longer-term goal of up-listing to a major exchange.
“Importantly,
our recurring high-margin monitoring revenue continues to gain momentum, increasing 13% in Q3’23 and 9% year-to-date, and we expect
this momentum to continue into 2024.
“Our
Q3’23 gross margin returned to a more typical level of 74%, up from 68% in Q3’22 which reflected the year-ago impact of inventory
obsolescence related to the sunsetting of 3G monitoring units and the healthy rebound in our monitoring revenue this year. Given the
revenue and gross margin improvements, Q3’23 gross profit grew 28% over Q3’22. Importantly, Acorn was able to report a net
profit for the third quarter and first nine months of 2023, and we believe we are on track to achieve more meaningful profitability in
future periods. Given Acorn’s net operating loss carryforwards (NOLs) of over $70M, future profits would be largely shielded from
tax liability, potentially further benefitting our cash flows.
“In
Q3’23, our cash-basis revenue declined 12% vs. Q3’22, following 33% growth in Q2. Some of this relates to weakness from residential
generator dealers sales due to higher interest rates and some of it is due to the timing of larger commercial and industrial orders.
“Our
long-term goal remains the achievement of 20% average annual top-line growth. Although we are below that level on year-to-date basis
in 2023, we have a range of business development initiatives in process that we believe should help us reach that goal going forward.
Underlying our growth objectives are the substantial efficiency, cost reduction, risk mitigation and environmental benefits that our
solutions provide to both commercial and residential customers.
Reseller
Agreement with Leading Commercial Generator Dealer
“This
week we finalized a non-exclusive reseller agreement with one of the nation’s largest multi-regional commercial generator dealers.
We believe this agreement could yield 2,500 to 3,000 new monitoring connections per year for OmniMetrix, which could represent hardware
sales, activation fees and monitoring revenue totaling between $1-2 million per year. Importantly, endpoints added from this relationship
are expected to make a meaningful contribution to the growth of our base of recurring monitoring revenue. We expect initial revenue from
this relationship to start in the first quarter of 2024 and to build as the program is rolled out across their dealer network.
Demand
Response
“In
addition, we also see substantial growth potential in leveraging our monitoring and control capabilities for standby-generators to support
electric grid operators in meeting peak power demand through Demand Response programs or “DR”. We have partnered with C-Power
to build out our DR capabilities that enable generator owners to sign up and receive compensation for making their generators available
for grid operators to turn on automatically for brief periods when they need grid support.
“It
has taken some time to formalize these programs and we are proud to announce that we enrolled our first DR customers in October, who
we anticipate will provide approximately 600 kilowatts of back-up power. These customers must now be approved by ERCOT, the grid operator
in Texas, a process that we expect to take a few weeks. As we have mentioned, we believe DR is a very compelling add-on to our business
in several respects. In addition to providing a revenue stream that helps offset the cost of adding backup generators for end customers,
it also provides an additional, long-term economic benefit for our services with the potential to double the profitability of each enrolled
generator endpoint. Accordingly, we remain very excited about DR becoming an important top line and bottom line driver for our business
going forward.
“We
also believe that the launch of our new customer interface to our data portal known as OmniView2 or OV2, which offers more benefits to
our customers such as self-service reporting options, is a significant value-add to current and potential customers. We launched OV2
on October 1st and believe it will be an important competitive advantage in 2024 in attracting new business.
“Overall,
feedback from our sales and marketing team and talks with existing and potential new partners and customers guides our confidence, not
only for 2024 but also in our long-term growth prospects.”
Financial
Review
Q3’23
revenue of $2,087,000 rose 17.0% from Q3’22 revenue of $1,783,000, with the increase attributable to monitoring growth of 13% and
hardware growth of 22%. The hardware increase was due to the sale of equipment, including custom True Guard® generator
monitors, new product sales and installation income, partially offset by a decrease in Hero® pipeline product sales. For
the nine months ended September 30, 2023, revenue increased over the prior-year period by 13% to $5,809,000, which was driven by the
same factors as in Q3’23.
Gross
profit grew 28% to $1,550,000, reflecting a gross margin of 74% in Q3’23, as compared to gross profit of $1,215,000 and gross margin
of 68% in Q3’22. Gross margin on hardware revenue was 54% in Q3’23, compared to 43% in Q3’22, with the increase primarily
due to a write-off of $31k of obsolete inventory in the prior-year period. Gross margin on monitoring revenue was 93% in Q3’23
vs. 90% in Q3’22, due to prior-year monitoring rebates given to two large customers, which did not recur in Q3’23.
Total
operating expenses increased 8.2% to $1,542,000 in Q3’23 versus $1,425,000 in Q3’22, primarily due to $102,000 of reverse
stock split expenses incurred in Q3’23 and slightly higher other SG&A costs, partially offset by lower research and development
expenses.
Net
income attributable to Acorn Energy, Inc. stockholders improved to $24,000, or $0.01 per share, in Q3’23 from a net loss of $210,000,
or ($0.08) per share in Q3’22, as growth in revenue and gross profit outpaced growth in operating expenses. For the nine-month
period ended September 30, 2023, net income attributable to stockholders improved to $35,000, or $0.01 per share, vs. a net loss of $556,000
or ($0.22) per share, during the first nine months of 2022. Per-share figures have been adjusted to reflect the 1-for-16 reverse stock
split.
Liquidity
and Cash Flow
Excluding
deferred revenue ($4,270,000) and deferred cost of goods sold ($890,000), which have virtually no impact on future cash flow, net working
capital was $2,867,000 at September 30, 2023 as compared to $2,536,000 at December 31, 2022. This included cash and cash equivalents
of $1,749,000 at quarter end vs. $1,450,000 at year end.
Acorn
generated $366,000 of cash from operating activities and used $72,000 for hardware, software and other capital investments in the nine-month
period ended September 30, 2023. Cash generated from operating activities was attributable to the company’s net income plus non-cash
expenses, including depreciation and non-cash lease expense, adjusted for changes in operating assets and liabilities.
Investor
Call Details
Date/Time:
|
Thursday,
November 9th at 11:00 am ET |
Dial-in
Number: |
1-844-834-0644
or 1-412-317-5190 (Int’l) |
Online
Replay/Transcript: |
Audio
file and call transcript will be posted to the |
|
Investor
section of Acorn’s website when available. |
Submit
Questions via Email:
|
acfn@catalyst-ir.com
– before or after the call. |
About
Acorn (www.acornenergy.com) and OmniMetrixTM (www.omnimetrix.net)
Acorn
Energy, Inc. owns a 99% equity stake in OmniMetrix, a pioneer and leader in Internet of Things (IoT) wireless remote monitoring and control
solutions for stand-by power generators, gas pipelines, air compressors and other industrial equipment, serving tens of thousands of
customers including 25 Fortune/Global 500 companies. OmniMetrix’s proven, cost-effective solutions make critical systems more reliable
and also enable automated “demand response” electric grid support by enrolled back-up generators. OmniMetrix solutions monitor
critical equipment used by cell towers, manufacturing plants, medical facilities, data centers, retail stores, public transportation
systems, energy distribution and federal, state and municipal government facilities, in addition to residential back-up generators.
Safe
Harbor Statement
This
press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn will
be successful in growing its business, increasing its revenue, increasing profitability, or maximizing the value of its operating company
and other assets. A complete discussion of the risks and uncertainties that may affect Acorn Energy’s business, including the business
of its subsidiary, is included in “Risk Factors” in the Company’s most recent Annual Report on Form 10-K as filed by
the Company with the Securities and Exchange Commission.
Follow
us
Twitter: | @Acorn_IR
and @OmniMetrix |
StockTwits: | @Acorn_Energy |
Investor
Relations Contacts
Catalyst
IR
William
Jones, 267-987-2082
David
Collins, 212-924-9800
acfn@catalyst-ir.com
ACORN
ENERGY, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
| |
Nine
months ended September
30, | | |
Three
months ended September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 5,809 | | |
$ | 5,155 | | |
$ | 2,087 | | |
$ | 1,783 | |
COGS | |
| 1,453 | | |
| 1,436 | | |
| 537 | | |
| 568 | |
Gross profit | |
| 4,356 | | |
| 3,719 | | |
| 1,550 | | |
| 1,215 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development (R&D) expense | |
| 614 | | |
| 637 | | |
| 212 | | |
| 227 | |
Selling, general and administrative (SG&A)
expense | |
| 3,746 | | |
| 3,585 | | |
| 1,330 | | |
| 1,198 | |
Impairment of software | |
| — | | |
| 51 | | |
| — | | |
| — | |
Total operating expenses | |
| 4,360 | | |
| 4,273 | | |
| 1,542 | | |
| 1,425 | |
Operating (loss) income | |
| (4 | ) | |
| (554 | ) | |
| 8 | | |
| (210 | ) |
Interest income (expense),
net | |
| 46 | | |
| (1 | ) | |
| 19 | | |
| — | |
Income (loss) before income taxes | |
| 42 | | |
| (555 | ) | |
| 27 | | |
| (210 | ) |
Income tax expense | |
| — | | |
| — | | |
| — | | |
| — | |
Net income (loss) | |
| 42 | | |
| (555 | ) | |
| 27 | | |
| (210 | ) |
Non-controlling interest
share of net income | |
| (7 | ) | |
| (1 | ) | |
| (3 | ) | |
| — | |
Net income (loss) attributable
to Acorn Energy, Inc. stockholders | |
$ | 35 | | |
$ | (556 | ) | |
$ | 24 | | |
$ | (210 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net
income (loss) per share attributable to Acorn Energy, Inc. stockholders*: | |
$ | 0.01 | | |
$ | (0.22 | ) | |
$ | 0.01 | | |
$ | (0.08 | ) |
Weighted average number of shares outstanding
attributable to Acorn Energy, Inc. stockholders – basic and diluted | |
| | | |
| | | |
| | | |
| | |
Basic* | |
| 2,484 | | |
| 2,481 | | |
| 2,485 | | |
| 2,481 | |
Diluted* | |
| 2,506 | | |
| 2,481 | | |
| 2,532 | | |
| 2,481 | |
*Includes
effects of a 1-for-16 reverse stock split.
ACORN
ENERGY, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(IN
THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
| |
As
of September 30, 2023 | | |
As
of December 31, 2022 | |
| |
(Unaudited) | | |
(Audited) | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 1,749 | | |
$ | 1,450 | |
Accounts receivable, net | |
| 583 | | |
| 597 | |
Inventory, net | |
| 909 | | |
| 789 | |
Deferred cost of goods sold (COGS) | |
| 890 | | |
| 887 | |
Other current assets | |
| 343 | | |
| 288 | |
Total current assets | |
| 4,474 | | |
| 4,011 | |
Property and equipment, net | |
| 610 | | |
| 653 | |
Operating right-of-use assets, net | |
| 220 | | |
| 298 | |
Deferred COGS | |
| 642 | | |
| 807 | |
Other assets | |
| 209 | | |
| 215 | |
Total assets | |
$ | 6,155 | | |
$ | 5,984 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 444 | | |
$ | 243 | |
Accrued expenses | |
| 127 | | |
| 171 | |
Deferred revenue | |
| 4,270 | | |
| 3,984 | |
Operating lease liabilities | |
| 121 | | |
| 116 | |
Other current liabilities | |
| 25 | | |
| 58 | |
Total current liabilities | |
| 4,987 | | |
| 4,572 | |
Long-term liabilities: | |
| | | |
| | |
Deferred revenue | |
| 1,941 | | |
| 2,187 | |
Operating lease liabilities | |
| 129 | | |
| 220 | |
Other long-term liabilities | |
| 19 | | |
| 16 | |
Total long-term liabilities | |
| 2,089 | | |
| 2,423 | |
Commitments and contingencies | |
| | | |
| | |
Stockholders’ deficit: | |
| | | |
| | |
Acorn Energy, Inc. stockholders | |
| | | |
| | |
Common stock - $0.01 par value per share: Authorized – 42,000,000
shares; issued and outstanding – 2,484,791 and 2,482,604 shares at September 30, 2023 and December 31, 2022, respectively* | |
| 25 | | |
| 25 | |
Additional paid-in capital* | |
| 103,312 | | |
| 103,261 | |
Accumulated stockholders’ deficit | |
| (101,232 | ) | |
| (101,267 | ) |
Treasury stock, at cost
– 50,178 and 50,178 shares at September 30, 2023 and December 31, 2022* | |
| (3,036 | ) | |
| (3,036 | ) |
Total Acorn Energy, Inc. stockholders’
deficit | |
| (931 | ) | |
| (1,017 | ) |
Non-controlling interest | |
| 10 | | |
| 6 | |
Total stockholders’
deficit | |
| (921 | ) | |
| (1,011 | ) |
Total liabilities and
stockholders’ deficit | |
$ | 6,155 | | |
$ | 5,984 | |
*Includes
effects of a 1-for-16 reverse stock split.
ACORN
ENERGY, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
| |
Nine
months ended September
30, | |
| |
2023 | | |
2022 | |
Cash flows provided by (used in) operating
activities: | |
| | | |
| | |
Net income (loss) | |
$ | 42 | | |
$ | (555 | ) |
Depreciation and amortization | |
| 115 | | |
| 83 | |
Impairment of inventory | |
| 9 | | |
| 31 | |
Impairment of software | |
| — | | |
| 51 | |
Non-cash lease expense | |
| 96 | | |
| 93 | |
Stock-based compensation | |
| 46 | | |
| 69 | |
Change in operating assets and liabilities: | |
| | | |
| | |
Decrease (increase) in accounts receivable | |
| 14 | | |
| (41 | ) |
Increase in inventory | |
| (129 | ) | |
| (317 | ) |
Decrease (increase) in deferred COGS | |
| 162 | | |
| (158 | ) |
Increase in other current assets and other
assets | |
| (49 | ) | |
| (62 | ) |
Increase (decrease) in accounts payable and
accrued expenses | |
| 157 | | |
| (91 | ) |
Increase in deferred revenue | |
| 40 | | |
| 660 | |
Decrease in operating lease liability | |
| (104 | ) | |
| (97 | ) |
(Decrease) increase
in other current liabilities and non-current liabilities | |
| (33 | ) | |
| 23 | |
Net cash provided by
(used in) operating activities | |
| 366 | | |
| (311 | ) |
| |
| | | |
| | |
Cash flows used in investing activities: | |
| | | |
| | |
Investments in technology | |
| (70 | ) | |
| (286 | ) |
Other capital investments | |
| (2 | ) | |
| (6 | ) |
Net cash used in investing
activities | |
| (72 | ) | |
| (292 | ) |
| |
| | | |
| | |
Cash flows provided by financing activities: | |
| | | |
| | |
Stock option exercise proceeds | |
| — | | |
| 5 | |
Warrant exercise proceeds | |
| 5 | | |
| — | |
Net cash provided by
financing activities | |
| 5 | | |
| 5 | |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| 299 | | |
| (598 | ) |
Cash at the beginning
of the year | |
| 1,450 | | |
| 1,722 | |
Cash at the end of the
period | |
$ | 1,749 | | |
$ | 1,124 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 2 | | |
$ | 1 | |
| |
| | | |
| | |
Non-cash investing and financing activities: | |
| | | |
| | |
Accrued preferred dividends to former CEO of
OmniMetrix | |
$ | 3 | | |
$ | 3 | |
Definition
of Non-GAAP Measure
OmniMetrix
sells hardware (monitoring devices) and monitoring services. Prior to the launch of a new version of its products on September 1, 2023
that includes new functionality, OmniMetrix’s hardware could not function as a distinct product from OmniMetrix’s monitoring
services. As a result, revenue and COGS from the sale of PG and CP hardware was recorded to deferred revenue (and deferred COGS) upon
shipment. This deferred revenue and related COGS was recognized over the estimated life of the units which was deemed to be three years.
The new functionality in the new version of the TrueGuard, AIRGuard, Patriot and Hero products results in OmniMetrix’s hardware
and monitoring being capable of being each a distinct product and service. OmniMetrix recognizes revenue, COGS, and commissions from
the sale of the new version of our hardware products sold when the product is shipped instead of being deferred and amortized over the
estimated time that the unit is in service for the customer. Revenues from the prepayment of monitoring fees (generally paid twelve months
in advance) are initially recorded as deferred revenue upon receipt of payment from the customer and then amortized to revenue over the
monitoring service period. Acorn has provided a non-GAAP financial measure of cash-basis revenue (sales) to aid investors in better understanding
our sales performance. Acorn believes this non-GAAP measure assists investors by providing additional insight into our operational performance
and helps clarify sales trends. For comparability of reporting, management considers non-GAAP measures in conjunction with generally
accepted accounting principles (GAAP) financial results in evaluating business performance. The non-GAAP financial measure presented
in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance
with GAAP.
v3.23.3
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
Acorn Energy (QB) (USOTC:ACFND)
Historical Stock Chart
From Apr 2024 to May 2024
Acorn Energy (QB) (USOTC:ACFND)
Historical Stock Chart
From May 2023 to May 2024