ADDvantage Technologies Group, Inc. (NASDAQ:AEY) Q3 2023 Earnings Call Transcript

Net loss for the quarter was $2.7 million or $0.19 per basic and diluted share compared — a $0.19 loss per basic and diluted share compared to net income of $1.5 million or $0.11 per basic and diluted share for the same quarter last year. Turning to our balance sheet. Cash and cash equivalents were $1.6 million at September 30, compared to $2.6 million at December 31, 2022. As of September 30, 2023, the company had net inventories of $7.8 million, down from $8.1 million at June 30 and $9.6 million at December 31, 2022. Reducing our inventory exposure in our telco business has been an area of focus. Our outstanding debt at September 30 was $3.6 million. This concludes the financial overview segment of our remarks. I will now turn the call back over to Joe.

Joseph Hart: Thanks, Michael. I would like to conclude with thanking everyone for their continued interest and investment in ADDvantage Technologies. We believe that the environment is beginning to improve and that broadband opportunities will provide a significant growth opportunity for AEY in 2024 as the spending patterns for both wireless and equipment sales begin to normalize. We think we have a much improved future and that the worst is behind us. But things continue to remain a challenge. So thank you and that concludes our remarks for today.

Operator: The conference has now concluded. Thank you for attending today’s presentation and you may now disconnect.

End of Q&A: