The Singing Machine Company, Inc. Reports Net Loss of $4.6 Million for the Fiscal Year Ending March 31, 2023
Company's Revenue Declines to $39.3 Million, Causing a Challenging Year
By NewsInMinutes
Published - Jul 17, 2023, 04:55 AM ET
Last Updated - Jul 18, 2023, 03:02 PM EDT
The Singing Machine Company, Inc. (MICS) and its subsidiaries recently released their consolidated financial statements for the fiscal year ending on March 31, 2023. The financial report reveals a challenging year for the company, as it faced a net loss of $4.6 million. Additionally, the company's revenue for the year amounted to $39.3 million, reflecting a decline compared to the previous year.
Net Loss of $4.6 Million
The Singing Machine Company reported a significant net loss of $4.6 million for the fiscal year 2023. This substantial loss has impacted the company's financial position and raises concerns about its profitability in the current market landscape.
