Addvantage Technologies Group Inc (AEY) 10-Q Quarterly Report May 2023

Carrollton, Texas, May 2, 2023 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today announced that it will release financial results for the three month period ended March 31, 2023, on Monday, May 15, 2023 after the markets close followed by a discussion of the financial results 5 p.m. Eastern.

Date: Monday, May 15, 2023

Time: 5 p.m. Eastern

Toll-free Dial-in Number: 1-877-407-9039

International Dial-in Number: 1-201-689-8470

Conference ID: 13738576

The conference call will be available via webcast and can be accessed through the Investor Relations section of ADDvantage's website, www.addvantagetechnologies.com. Please allow extra time prior to the call to visit the site and download any necessary software to listen to the Internet broadcast.

A replay of the conference call will be available through May 29, 2023.

Toll-free Replay Number: 1-844-512-2921

International Replay Number: 1-412-317-6671

Replay Passcode: 13738576

An online archive of the webcast will be available on the Company's website for 30 days following the call.

About ADDvantage Technologies Group, Inc.

The following information was filed by Addvantage Technologies Group Inc (AEY) on Tuesday, May 2, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Addvantage Technologies Group Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside Addvantage Technologies Group Inc's 10-Q Quarterly Report:

Revenue - Product Highlight
Inventory Valuation For our Telco segment, our position in the telecommunications industry requires us to carry large inventory quantities relative to annual sales, but it also allows us to realize higher gross profit margins on our sales.

Financial - Expense Highlight
Operating expenses were $2.0 million, compared to $2.8 million in the same period last year, a decrease of $0.8 million due primarily to cost control measures instituted by the Company throughout 2022.
Financial - Earnings Highlight
If actual market conditions differ from those projected by management, this could have a material impact on our gross margin and inventory balances based on additional write-downs to net realizable value or a benefit from inventories previously written down.
Revenue - Product Highlight
The decrease is mainly attributable to the decline in revenue.
Financial - Cash Flow Highlight
Cash flows from operations were negatively impacted by a net loss of $2.7 million, offset by net cash provided by working capital of $2.3 million and non-cash adjustments of $0.9 million.
Financial - Expense
SG&A expense decreased $0.2 million,...Read more
Financial - Earnings
Table of Contents Consolidated gross...Read more
Financial - Earnings
The decrease in gross profit...Read more
Financial - Earnings
The decreased gross profit was...Read more
Revenue - Product
The decrease in sales was...Read more
Other - Other
Adjusted EBITDA is presented below...Read more
Other - Other
Non-GAAP Financial Measure Adjusted EBITDA...Read more
Other - Other
Subsequent Event: Mast Hill Fund...Read more
Revenue - Product
The decrease in revenues was...Read more
Other - Other
Intangibles Intangible assets that have...Read more
Revenue - Geography
Special Note on Forward-Looking Statements...Read more
Financial - Expense
Purchasing and receiving costs, inspection...Read more
Financial - Earnings
The decrease in gross profit...Read more
Revenue - Product
Segment Results Wireless Revenues for...Read more
Revenue - Product
Telco Sales for the Telco...Read more
Financial - Expense
We identified certain inventory that...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Addvantage Technologies Group Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: AEY
CIK: 874292
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-23-018175
Submitted to the SEC: Mon May 15 2023 4:13:25 PM EST
Accepted by the SEC: Mon May 15 2023
Period: Friday, March 31, 2023
Industry: Wholesale Durable Goods

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Addvantage Technologies Group Inc (AEY) SEC Filing 10-Q Quarterly Report for the period ending Friday, March 31, 2023

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