Unusual Machines (NYSEAMERICAN:UMAC – Get Free Report) released its quarterly earnings results on Thursday. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.15), FiscalAI reports. The business had revenue of $8.10 million during the quarter, compared to analyst estimates of $5.54 million. Unusual Machines had a negative return on equity of 22.91% and a negative net margin of 171.38%.
Here are the key takeaways from Unusual Machines’ conference call:
- Q1 revenue surged to $8.1 million, up 296% year over year and 65% sequentially, marking the company’s eighth straight record-revenue quarter.
- The company reported $10.3 million in net profit for the quarter and said it remained profitable even after excluding unrealized gains.
- Unusual Machines expanded aggressively, increasing headcount from 81 to 141 during the quarter and adding shifts at its motor and assembly lines, while still posting a 32.8% gross margin.
- Management said the balance sheet is exceptionally strong after raising $150 million in a public offering, bringing total working capital to about $320 million to support inventory and capacity buildout.
- The company is leaning into future growth with a $52 million acquisition of Upgrade Energy to accelerate its battery strategy, which management expects to expand margins and position Unusual Machines for emerging drone delivery demand.
Unusual Machines Stock Performance
Shares of Unusual Machines stock traded up $1.96 during trading on Thursday, reaching $16.93. The company had a trading volume of 8,000,182 shares, compared to its average volume of 3,790,092. Unusual Machines has a fifty-two week low of $4.67 and a fifty-two week high of $23.38. The firm’s fifty day moving average is $15.26 and its 200-day moving average is $13.53. The company has a market cap of $659.59 million, a price-to-earnings ratio of -20.15 and a beta of 14.32.
Insider Activity at Unusual Machines
Hedge Funds Weigh In On Unusual Machines
Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its holdings in shares of Unusual Machines by 89.1% during the second quarter. Geode Capital Management LLC now owns 222,927 shares of the company’s stock worth $1,911,000 after purchasing an additional 105,020 shares during the period. Jump Financial LLC acquired a new position in shares of Unusual Machines in the 2nd quarter valued at about $1,251,000. Bank of America Corp DE grew its position in shares of Unusual Machines by 7,372.6% during the 2nd quarter. Bank of America Corp DE now owns 7,099 shares of the company’s stock valued at $61,000 after buying an additional 7,004 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Unusual Machines by 4,639.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 13,366 shares of the company’s stock valued at $115,000 after buying an additional 13,084 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Unusual Machines by 13.3% during the third quarter. Vanguard Group Inc. now owns 1,162,795 shares of the company’s stock worth $17,558,000 after acquiring an additional 136,696 shares during the period.
Wall Street Analysts Forecast Growth
UMAC has been the topic of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Unusual Machines in a report on Wednesday, April 22nd. Roth Mkm started coverage on Unusual Machines in a research note on Wednesday. They set a “buy” rating and a $25.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $21.67.
View Our Latest Research Report on UMAC
About Unusual Machines
Unusual Machines, Inc designs, manufactures, and sells ultra-low latency video goggles for drone pilots. It operates a drone-focused e-commerce marketplace. The company serves drone pilots, hobbyists, and recreational services. The company was formerly known as AerocarveUS Corporation and changed its name to Unusual Machines, Inc in July 2022. Unusual Machines, Inc was incorporated in 2019 and is based in Orlando, Florida.
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