Milwaukee-based Telkonet Inc. today reported second quarter net income of $200,000, up from a $700,000 loss in the first quarter of 2012.
The energy management technology provider also reported revenue of $3.5 million, up 18 percent from $2.9 million one year ago. It was an 80 percent increase from the first quarter, when Telkonet reported $1.9 million in revenue.
Gross margins were 57 percent, up from 55 percent a year ago. Adjusted EBITDA was $400,000, up from a negative $600,000 adjusted EBITDA in the first quarter.
Telkonet had cash and cash equivalents of $700,000 at the end of the second quarter, compared to $500,000 last quarter. Its working capital deficit decreased from $1.4 million in the first quarter to $1.1 million for the second quarter.
The company will host a teleconference and webcast today at 3:30 p.m. to discuss the results. The investor dial-in is 877-407-0782 and the webcast can be accessed here.