Edge Autonomy Intermediate Holdings, LLC and its subsidiaries have released their consolidated financial statements for the years ending December 31, 2024, 2023, and 2022. The report, audited by PricewaterhouseCoopers LLP, showcases the company's financial position and performance over the past three years.
Looking at the consolidated balance sheets, we see that the company's total assets increased from $200,216,256 in 2023 to $208,720,423 in 2024. This increase is primarily driven by a rise in current assets, such as cash, which decreased from $58,426,639 in 2023 to $50,410,848 in 2024. Moreover, the company's property and equipment, net, increased from $10,089,840 in 2023 to $17,552,409 in 2024.
On the liabilities side, the company's total liabilities decreased from $143,860,767 in 2023 to $131,562,224 in 2024. This decrease is mainly due to reductions in deferred revenue and short-term operating lease liabilities.
In terms of the consolidated statements of comprehensive income, the company's revenue increased significantly from $151,645,425 in 2023 to $194,983,227 in 2024. This rise in revenue also translated to an increase in gross profit, which jumped from $67,514,168 in 2023 to $94,870,150 in 2024.
However, the company's operating expenses also saw an uptick, with selling, general, and administrative expenses increasing from $31,244,621 in 2023 to $47,550,034 in 2024. This rise in operating expenses impacted the company's income from operations, which remained relatively stable at $29,235,450 in 2024 compared to $29,487,525 in 2023.
The company's net income decreased from $21,771,419 in 2023 to $15,773,147 in 2024. This decrease in net income is further reflected in the company's comprehensive income, which dropped from $23,543,025 in 2023 to $11,097,710 in 2024.
Furthermore, examining the consolidated statements of members' equity, we observe that the company's retained earnings increased substantially from $15,182,315 in 2023 to $30,955,462 in 2024. This increase is attributed to the company's net income and share-based compensation.
Finally, in the consolidated statements of cash flows, we note that the company's net cash provided by operating activities decreased from $37,994,691 in 2023 to $11,677,479 in 2024. This reduction in cash flow from operating activities is primarily influenced by changes in operating assets and liabilities, including accounts receivable, inventories, and prepaid expenses.
The market has reacted to these announcements by moving the company's shares -11.5% to a price of $7.71. Check out the company's full 8-K submission here.
