Revenue Decreases to $111.9 Million in Q1 2023
VOXX International Corporation,(VOXX) a leading manufacturer and distribut or of consumer electronics, has announced its financial results for the quarter ended May 31, 2023. The company reported a net loss of $10.7 million for the quarter, compared to a net loss of $6.5 million in the same period last year. Additionally, VOXX International Corporation's revenue decreased to $111.9 million in Q1 2023, down from $128.7 million in Q1 2022.
Net Loss Widens to $10.7 Million
VOXX International Corporation reported a net loss of $10.7 million for the quarter ended May 31, 2023. This represents a significant increase compared to the net loss of $6.5 million reported in the same period last year. The wider net loss can be attributed to various factors, including increased operating expenses and other charges.
Revenue Declines to $111.9 Million
The company's revenue for the first quarter of 2023 reached $111.9 million, reflecting a decrease from the $128.7 million reported in the corresponding period of the previous year. This decline in revenue can be attributed to various factors, such as lower sales volumes and changes in consumer demand within the consumer electronics market.
VOXX International Corporation reported an operating loss of $11.4 million for the quarter ended May 31, 2023, compared to an operating loss of $6.7 million in the same period last year. The increased operating loss can be attributed to higher operating expenses, including selling, general and administrative expenses, and engineering and technical support costs.
Other Expenses Impact Bottom Line
The company's bottom line was further impacted by other expenses. VOXX International Corporation reported a net expense of $1.6 million in interest and bank charges, partially offset by an equity income of $1.6 million from an equity investee. Additionally, the company incurred expenses related to an interim arbitration award and non-routine legal fees, which amounted to $986,000 and $853,000, respectively.
Adjusted EBITDA and Restructuring Efforts
Adjusted EBITDA for the quarter ended May 31, 2023, was reported at a loss of $4.9 million, compared to a small gain of $70,000 in the same period last year. The company implemented various restructuring efforts during the quarter, incurring restructuring-related expenses of $59,000. These efforts aim to optimize operations and enhance profitability in the face of evolving market conditions.
Despite the challenges faced in the quarter, VOXX International Corporation remains committed to its long-term growth strategies and continues to invest in product innovation and expanding its market presence. The company is closely monitoring market trends and consumer preferences to adapt its offerings accordingly.