MetAlert Reports 27% Revenue Decline but 444% Increase in Net Profit for Fiscal Year 2024

MetAlert, Inc. reported a total revenue of $181,476 for the fiscal year ending December 31, 2024, a decrease of 27% from the previous year's revenue of $248,331. The decline was attributed to a significant drop in product sales, which fell to $78,140 from $181,022 in 2023. However, the company experienced a notable increase in subscription and other revenue, which rose by 54% to $103,336, indicating a shift towards recurring revenue streams. Despite the overall revenue decline, MetAlert achieved a 444% increase in net profit, with a net loss of $828,265, an improvement from the $1,190,158 loss reported in 2023.

In terms of operational changes, MetAlert made significant strategic moves, including the acquisition of Level 2 Security, LLC, which was merged into a new wholly-owned subsidiary, Level 2 Security Products, Inc. This acquisition is expected to enhance the company's offerings in high-value asset monitoring and recovery, particularly in the gun safety market. The company also consolidated its operations by dissolving LOCiMobile, Inc., streamlining its structure to focus on its core subsidiaries, Global Trek Xploration, Inc. and Level 2 Security Products, Inc.

Customer engagement metrics showed a 234% increase in direct-to-consumer orders for SmartSole products, alongside a 26% rise in international sales. The company reported that as of December 31, 2024, it had live units in the field and paying subscribers in over 40 countries, reflecting its expanding geographic footprint. MetAlert's employee headcount remained stable, with nine full-time and part-time employees, supplemented by consultants and commission-based sales personnel.

The filing indicated that MetAlert's management is focused on enhancing its product offerings and expanding its market presence. The company plans to ramp up marketing efforts for its GunAlert product, which has been well-received in media outlets. Additionally, MetAlert aims to secure government contracts and reimbursement codes for its SmartSole products, which could further bolster its revenue streams. The management expressed optimism about future growth, particularly in the gun safety sector and through the continued development of its wearable technology solutions.

Looking ahead, MetAlert anticipates that its revenue will be driven by the scaling of its new 4G LTE GPS SmartSole and the introduction of the Gun Alert product to government agencies. However, the company acknowledged the need for additional funding to support its operations and growth initiatives, as it continues to face a working capital deficit of $4,280,987. The management's outlook remains cautious, emphasizing the importance of increasing revenues to achieve profitability and sustain operations in the coming year.