LogicMark, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable changes in revenue and profitability compared to the previous fiscal period. The company generated revenues of $2.7 million for the third quarter of 2024, a 14% increase from $2.4 million in the same period of 2023. For the nine months ended September 30, 2024, revenues reached $7.7 million, up 2% from $7.5 million in the prior year. The growth in revenue was attributed to increased sales of the Guardian Alert 911 Plus hardware and the introduction of the Freedom Alert Mini.
Gross profit for the third quarter of 2024 was $1.8 million, compared to $1.6 million in the same quarter of 2023. For the nine-month period, gross profit was $5.1 million, slightly up from $5.0 million year-over-year. Despite the revenue growth, LogicMark reported an operating loss of $1.6 million for the third quarter of 2024, an improvement from a loss of $1.8 million in the same quarter of 2023. The nine-month operating loss was $5.5 million, down from $5.9 million in the previous year.
Net loss for the third quarter of 2024 was $1.5 million, compared to a net loss of $1.4 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $5.3 million, an improvement from $5.5 million in the prior year. The net loss attributable to common stockholders per share for the third quarter was $(0.20), significantly lower than $(1.10) in the same quarter of 2023.
The company’s cash and cash equivalents decreased to $5.6 million as of September 30, 2024, from $6.4 million at the end of 2023. Total current assets also fell to $7.0 million, down from $8.0 million. LogicMark's total assets decreased to $16.0 million, while total stockholders' equity declined to $12.4 million from $13.1 million at the end of 2023.
In terms of strategic developments, LogicMark completed a public offering on August 5, 2024, raising approximately $4.5 million in gross proceeds. The company believes it has sufficient capital to sustain operations for the next twelve months and may seek additional funding through equity or debt offerings. The company also reported a decrease in operating expenses, particularly in general and administrative costs, which fell by $1.1 million for the nine months ended September 30, 2024, compared to the same period in 2023.