By Connor Hart
Shares of Cloudastructure climbed after the company narrowed its loss and posted higher revenue in 2024.
The stock rose 47%, to $6.54, in after-hours trading Monday. Shares, which began trading on the public market in January, have fallen 34% in the past month.
In 2024, the cloud-based video surveillance platform posted a net loss of $6.5 million, compared with a loss of $9 million a year earlier. On a per-share basis, the company notched a loss of 45 cents a share.
The narrower loss stemmed in part from having limited its consulting fees, payroll and other operating expenses. As a result, general and administrative expenses totaled $1.2 million in 2024, down from $2.4 million a year earlier.
Sales more than doubled, up 125% to $1.4 million. The company attributed the growth in part to a 30% increase in new customer signings, as well as a 48% boost to cloud-video surveillance subscriptions.
Demand for the company's artificial intelligence-enabled surveillance platforms is continuing to grow, fueled by rising security concerns and expanding regulatory mandates in the real estate sector, the company said.
"As we enter 2025, we are energized by the continued support of our customers, partners and investors," Chief Executive James McCormick said. He added that the company earlier this year secured several high-profile contracts, including a deployment for a $1 billion residential investment firm at two multifamily properties in the Washington, D.C., metro area.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 31, 2025 19:07 ET (23:07 GMT)
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