Summary by Moomoo AI
VOXX International reported Q1 FY2025 net sales of $91.7 million, down 18.1% from $111.9 million in Q1 FY2024, while net loss narrowed to $9.3 million from $10.7 million. Automotive Electronics sales declined 27.9% to $27.7 million, while Consumer Electronics revenue fell 12.8% to $63.9 million. Gross margin improved 310 basis points to 27.7%.Operating expenses decreased 16.6% to $32.5 million, driven by headcount reductions and cost containment measures across selling, general and administrative, and engineering functions. The company formed a new joint venture BioCenturion LLC for its biometrics business, contributing certain EyeLock assets while retaining a 50% ownership stake.Despite challenging market conditions, VOXX maintained strong liquidity with $44.3 million available under its credit facility. The company continues to focus on operational improvements through manufacturing relocation to Mexico, new product launches, and strategic cost reductions while navigating near-term economic uncertainties and reduced consumer spending.
