Iveda Solutions Reports $1.47 Million Revenue and Narrows Net Loss in Latest Quarter

Iveda Solutions, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company achieved total revenue of $1.47 million, a substantial increase from $346,766 in the same period last year, primarily driven by a surge in equipment sales, particularly from long-term government contracts in Taiwan. The gross profit for the quarter was $288,211, compared to $181,880 in the prior year, reflecting improved operational efficiency despite a higher cost of goods sold, which rose to $1.19 million from $164,886.

In terms of profitability, Iveda's net loss narrowed to $793,672, down from $1.29 million in the previous year. This reduction in loss was attributed to increased revenues and a decrease in operating expenses, which fell to $1.12 million from $1.51 million. The company reported a basic and diluted loss per share of $0.28, compared to $0.64 in the same quarter of 2024. The decrease in operating expenses was largely due to the absence of significant investor relations campaigns in the U.S. operations during this period.

Operationally, Iveda's customer base remains concentrated, with two customers—National Chung Shan Institute of Science and Technology and Chunghwa Telecom—accounting for approximately 58% of total revenue for the quarter. The company reported a total of 42 customer accounts receivable, with 74% of accounts receivable attributed to these two customers. The company’s cash and cash equivalents stood at $2.49 million as of March 31, 2025, a slight decrease from $2.63 million at the end of 2024, reflecting ongoing operational losses but offset by collections from accounts receivable.

Strategically, Iveda continues to focus on expanding its product offerings in the smart city and IoT sectors, which are projected to grow significantly in the coming years. The company has launched several advanced technologies, including AI-driven video surveillance solutions and smart utility management systems. Iveda's management has expressed optimism about future growth, citing the increasing demand for connected solutions in urban environments. However, the company also acknowledged substantial doubt about its ability to continue as a going concern, emphasizing the need for additional financing to support operations and growth initiatives.

Looking ahead, Iveda Solutions is actively working to enhance its operational efficiency and expand its market presence. The company is focused on securing additional contracts and exploring financing options to bolster its liquidity. Management remains committed to addressing the identified weaknesses in internal controls and improving financial reporting processes, which are critical for sustaining investor confidence and supporting future growth.