Iveda Solutions, Inc.
For the period ended Mar 31, 2025. Filed May 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 13, 2025
IVDA$0.20+5.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-14.
0001493152-24-045941
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-13.
0001641172-25-009950
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 70 previous paragraphs and 80 current paragraphs.
21 unchanged; 16 reworded; 40 added; 32 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 4 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (40)
Current report
Iveda offers smart city technologies globally, offering advanced AI-driven video surveillance solutions and a robust suite of Internet of Things (IoT) platforms that power digital transformation for cities and commercial clients worldwide. The smart cities market, as well as the AI and IoT segments, are poised for significant growth in the coming years.
Current report
A new report from Verified Market Research projects that the global smart city platforms market size will grow at a CAGR of 9% from 2026 to 2032, increasing from USD 208.8 billion to USD 416.1 billion. Meanwhile, Fortune Business Insights reports that the global IoT market—valued at USD 308.97 billion in 2020—expanded by 23.1% that year, substantially outpacing the average annual growth rate from 2017 to 2019. Looking ahead, IoT is expected to surge from USD 381.30 billion in 2021 to USD 1,854.76 billion in 2028.
Current report
Additionally, the International Data Corporation (IDC) projects that global spending on artificial intelligence will double from USD 50.1 billion in 2020 to over USD 110 billion in 2024. These trends underscore the rising demand for connected solutions and highlight the promising future of innovative technologies that enhance the safety and efficiency of urban environments. With its cutting-edge products and global reach, Iveda is uniquely positioned to lead this transformation, providing the advanced solutions that cities need to move forward smartly and securely.
Current report
Technology / Products
Current report
Iveda offers AI intelligent video search, smart utility, smart sensors, gateways, and trackers, and IoT platforms (Products).
Current report
IvedaAI
Current report
Utilusis our smart pole solution, utilizing our Cerebro IoT platform. This completes our digital transformation solution crucial in smart city deployments as well as in large organizations. Iveda leverages infrastructure already available in most modern cities – Light poles with power We equip existing poles with Utilus. Utilus consists of power and Internet, establishing a communication network for access and management of sensors and devices that the city requires to keep its citizens safe and secure and to effectively manage utility consumption. Our smart pole offering is also ideal for:
Current report
vumastARis an AI vision software that uses video taken on IP cameras, AR glasses, Androids, and tablets to analyze and process data in real-time. vumastAR is fully customizable to the user’s needs, with one short video the AI can be trained in as little as two hours. Deployable in multiple industries for uses such as:
Current report
vumastAR is sold as a license per device with a monthly subscription requirement for cloud access to trained AI models.
Current report
IvedaXpressis a system that enables users to use pre-existing IP cameras and apply AI analytics without the need for large servers or a dedicated IT department. Designed to be plug-and-play IvedaXpress provides a hassle free set up process with no maintenance required for hardware. Each IP camera is hosted from a local computer or smartphone for live viewing and playback. Video may be stored on that local computer or stored remotely using free storage from Amazon or Dropbox.
Current report
Iveda Smart UVC is a Commercial-grade, AI-driven Ultraviolet Germicidal Irradiation (UVGI). Iveda Smart UVC adds UV lights to standard HVAC vents for quick, easy, and inexpensive deployment to homes and commercial buildings. Leveraging the existing air circulation system, Iveda Smart UVC vents disinfect the air by irradiating UV light on the passing air. Eliminating the need to manually disinfect offices, meeting rooms, and other workspaces. Iveda Smart UVC can be Integrated with Iveda SPS (smart power management) and sensors to efficiently and effectively operate the light source upon detected movement.
Current report
Iveda’s Smart Drones are flown to perform certain functions from an aerial view without the need for a pilot onboard. Smart Drones utilize AI-based software for autonomous operation and navigation from taking off, returning to base, carrying out mission-critical tasks or simply doing an aerial patrol, without the need of human intervention. Unlike typical drones, Iveda Smart Drones are cloud-based and can be part of a network of drones for central management. They are equipped with Iveda’s Sentir Video Surveillance System and IvedaAI Intelligent Video Search Technology.
Current report
Iveda Smart Drone product offering is robust and expansive for a multitude of industrial, commercial, and military applications.
Current report
Key Features of Iveda’s Smart Drone:
Current report
Fully Autonomous
Current report
Scheduled autonomous take-off, flight mission execution, monitoring, landing and recharging
Current report
Easy operation and 24-7 flight mission
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Intelligent Computing
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Live video streaming - real-time object recognition and tracking
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Onboard (edged) AI and data analysis
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Safety Design
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Multiply redundant and fail-safe systems
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Weather resistant industrial grade systems (IP54)
Current report
Designed and made in Taiwan (MIT)
Current report
Skywatch
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Planning and editing real-time/timed missions
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User/Group permission control & flight data management
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Failsafe alarm and FPV gimbal control
Current report
Insight
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Automated orthorectified service of imagery (2D/3D)
Current report
AI technology for inspecting natural disaster, vehicle & pedestrian tracking, and energy facilities inspection.
Current report
Visualizing geographic data and analysis report
Current report
The Smart Utility Cabinet gives end users a convenient tool to monitor their daily energy consumption, to pinpoint electrical leaks, and to prevent power line overload and potential fire. It utilizes IoT sensors to detect abnormalities in consumption, temperature and tampering. Iveda Smart Utility Cabinet has an internal environment control design, housed in a durable industrial-grade cabinet. It includes a smart edge computing gateway with multi-RF communication protocols such as 4G, Z-Wave and WiFi and tampering sensor for unauthorized access. Smart water meter and gas meter may be added to the Cabinet.
Current report
Vemo Body Camera streams live video, using 4G, to headquarters and doubles as a walkie talkie with a push-to-talk feature. With its multi-mode audio, it can also be used for broadcasting and hands-free audio conferencing for group talk. Vemo has WiFi capability which is ideal for city-wide deployments. Vemo transmits live streaming video instantaneously to the cloud without additional software or hardware. Vemo’s cloud management platform can centrally manage an unlimited number of devices and video can be accessed on a PC, Android, and iOS client. Moreover, Vemo can stream directly into the IvedaAI platform for real-time video analytics to search for faces, objects or license plates in real time.
Current report
IvedaCare, launched in November 2022, is a simple, easy to use suite of wireless health and wellness devices intended to help you monitor the health and activities of your loved ones, even when you can’t be there yourself. Our mission is to help ensure your loved one’s safety and independence. Stay connected to your elderly loved ones with our advanced IoT devices for real-time monitoring, fall detection, medication reminders and more. With IvedaCare, you not only can monitor your home and loved ones from afar but can potentially make life-saving decisions using the app. Cloud-based, wireless sensors collect real-time data shared with the entire family circle within the app. Customers may add a subscription service for Pro Monitoring. If the Trusted Circle is unavailable, our emergency call center will dispatch emergency services quickly.
Current report
LevelNOWis an advanced IoT-based solution that transforms the way liquid levels are monitored and managed. With two unique IoT sensors—a standard cap valve sensor designed for 200-liter drums and a patent- pending external sensor that fits various container sizes—LevelNOW provides real-time data to ensure efficiency, safety, and cost savings. Its user-friendly AI-backed platform optimizes operations for industries that rely on large fluid containers, such as oil, gas, and industrial storage. Know exactly when customers are running low and deploy fleets in real time to refill your liquids.
Current report
Customers
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Our business model in the US is to primarily sell hardware and license our software to organizations already providing services to an existing customer base and facilitating hardware acquisition through third party partners. This business model provides dual revenue streams – one from surveillance camera and analytics hardware sales to the service providers and the other from software licensing fees.
Current report
Iveda Taiwan continues to service its enterprise and government clients on a per-project basis. Some of its customers include Chunghwa Telecom, the Taiwan Stock Exchange, New Taipei City Police Department, Chicony Power Technology Co, Ltd. and Taiwan Energy Systems.
Current report
The table below sets forth the Net Revenue, Cost of Goods Sold, Operating Expenses, Other Income and Expenses, Tax Expense and Net Income by segment for each of the respective periods and a comparison period over period.
Removed paragraphs (32)
Previous report
Iveda has been offering real-time IP video surveillance technologies to our customers since 2005. While we still offer video surveillance technologies, our core product line has evolved to include AI intelligent search technology that provide true intelligence to any video surveillance system and IoT (Internet of Things) devices and platforms. Our evolution is in response to digital transformation demands from many cities and organizations across the globe. Our IvedaAI intelligent video search technology adds critical intelligence to normally passive video surveillance systems. IvedaAI provides AI functions to any IP camera and most popular network video recorders (NVR) and video management systems (VMS). IvedaAI comes with an appliance or server, preconfigured with multiple AI functions based on the end user requirements.
Previous report
Iveda’s Cerebro manages all the components of our smart power technology including statistics on energy consumption. Cerebro is a software platform designed to integrate multiple unconnected energy, security and safety applications and devices and control them through one comprehensive user interface.
Previous report
Iveda’s Utilus smart pole technology is a smart power management and wireless mesh communications network deployed on new or existing light pole structures. The Utilus network uses WiFi, 4G and 5G small cell capabilities, and other wireless protocols to provide distributed video surveillance with AI video search technology and remote management of local devices such as trackers, water meters, electrical meters, valves, circuit breakers and sensors.
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We license our platform and sell IoT hardware to service providers such as telecommunications companies, integrators and other technology resellers already providing services to an existing customer base. Partnering with service providers that have an existing loyal customer base allows us to focus on servicing just a handful of our partners and concentrating on our technology offering. Service providers leverage their end-user infrastructure to sell, bill, and provide customer service for Iveda’s product offering. This business model provides dual revenue streams – one from hardware sales and the other from monthly licensing fees.
Previous report
Iveda Taiwan, our subsidiary in Taiwan, specializes in deploying new, and integrating existing, video surveillance systems for airports, commercial buildings, government customers, data centers, shopping centers, hotels, banks, and Safe City. Iveda Taiwan combines security surveillance products, software, and services to provide integrated security solutions to the end user. Through Iveda Taiwan, we have access not only to Asian markets but also to Asian manufacturers and engineering expertise. Iveda Taiwan is our research and development arm, working with a team of developers in Taiwan.
Previous report
In April 2011, we completed our acquisition of Iveda Taiwan, a company founded in 1998 by a group of sales and research and development professionals from Taiwan Panasonic Company. Iveda Taiwan, our subsidiary in Taiwan, specializes in deploying new, and integrating existing, video surveillance systems for airports, commercial buildings, government customers, data centers, shopping centers, hotels, banks, and Safe City initiatives in Taiwan and other neighboring countries. Iveda Taiwan combines security surveillance products, software, and services to provide integrated security solutions to the end user. Through Iveda Taiwan, we have access not only to Asian markets but also to Asian manufacturers and engineering expertise. Iveda Taiwan is our research and development arm, working with a team of developers and managing our relationship with the Industrial Technology Research Institute (“ITRI”) in Taiwan. Iveda Taiwan also houses the application engineering team that supports Sentir implementation for our service provider customers in Asia. The Company depends on Iveda Taiwan as the majority of the company’s revenues have come from Iveda Taiwan since we acquired them in April 2011. For the years ended December 31, 2023 and 2022, Iveda Taiwan’s operations accounted for 93% and 71% of our total revenue, respectively.
Previous report
The acquisition of Iveda Taiwan provided the following benefits to our business:
Previous report
In November 2012, we signed a cooperation agreement with ITRI, a research and development organization based in Taiwan. Together with ITRI, we have developed cloud-video services. Pursuant to the cooperation agreement, we licensed, through our subsidiary, Sole-Vision Technologies, Inc., the right to use U.S. Patent No. 8,719,442 (as well as its Taiwanese and Chinese counterparts) with respect to the development of cloud-video technologies.
Previous report
In June and August 2014, in collaboration with our local partner in the Philippines, we shipped our ZEE cloud plug-and-play cameras for delivery to the Philippine Long Distance Telephone Company (“PLDT”) for distribution to its customers with a cloud video surveillance service offering, utilizing our Sentir platform.
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Net Revenue
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Cost of Revenue
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Operating Expenses
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Loss from Operations
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Other Income (Expense), Net
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Other income (expense), net was $27,363 of net other income for the three months ended September 30, 2024, compared with $54,303 of net other expense for the three months ended September 30, 2023, a decrease of ($26,904) of other income, or (50%). The majority of the other income for 2024 and 2023 was interest income from cash in the bank.
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Net Loss Attributable to Non-Controlling Interest
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Net Loss Attributable to Non-Controlling Interest of the Philippines Joint Venture was $19,331 for the three months ended September 30, 2024 compared to $23,522 for the three months ended September 30, 2023. The reduction is attributed to less pre-revenue expenses in 2024 versus the initial travel and presentation expenses of 2023 to various cities in the Philippines.
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Net Loss
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Net Revenue
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We recorded net consolidated revenue of $4.3 million for the nine months ended September 30, 2024, compared with $5.5 million for the nine months ended September 30, 2023, a decrease of ($1.2 million), or (22%). For the nine months ended September 30, 2024, our service revenue was $0.27 million, or 6% of net revenue, and our equipment sales and installation revenue was $4.0 million, or 94% of net revenue. For the nine months ended September 30, 2023, our service revenue was $0.36 million, or 7% of consolidated net revenue, and our equipment sales and installation revenue was $5.1 million, or 93% of net revenue. The decrease in total revenue in 2024 compared with the same period in 2023 is attributable primarily to decreased equipment sales from Iveda Taiwan as a result of delivery timing related to long-term contracts.
Previous report
Cost of Revenue
Previous report
Total cost of revenue was $3.2 million (74% of revenue; gross margin of 26%) for the nine months ended September 30, 2024, compared with $4.6 million (83% of revenue; gross margin of 17%) for the nine months ended September 30, 2023, a decrease of ($1.4 million), or (30%). The decrease in cost of revenue was primarily driven by decreased Iveda Taiwan revenue. The increase in overall gross margin % was primarily attributed to the higher margin equipment and service revenue for smaller contracts.
Previous report
Operating Expenses
Previous report
Operating expenses were $3.4 million for the nine months ended September 30, 2024, compared with $3.2 million for the nine months ended September 30, 2023, an increase of $0.2 million, or 6%. This net increase in operating expenses in 2024 compared with 2023 is due primarily to a ramp up in investor relations in the US based operations related to maintaining NASDAQ compliance.
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Loss from Operations
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Loss from operations was $2.3 million for the nine months ended September 30, 2024, compared with $2.3 million for the nine months ended September 30, 2023. The loss from operations for the nine months was consistent because of the reduction in loss from operations in the most recent quarter results.
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Other Income (Expense), Net
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Other income (expense), net was $111,657 of net other income for the nine months ended September 30, 2024, compared with $76,500 of net other expense for the nine months ended September 30, 2023, an increase of $35,157 of other income, or 46%. The majority of the other income for 2024 was interest income from cash in the bank.
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Net Loss Attributable to Non-Controlling Interest
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Net Loss Attributable to Non-Controlling Interest of the Philippines Joint Venture was $40,330 for the nine months ended September 30, 2024 compared to $83,489 for the nine months ended September 30, 2023. The reduction is attributed less pre-revenue expenses in 2024 versus the initial travel and presentation expenses of 2023 to various cities in the Philippines.
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Net Loss
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Net loss was $2.16 million for the nine months ended September 30, 2024, compared with $2.14 million for the nine months ended September 30, 2023. The increase of $0.02 million, or 1%, in net loss was primarily due to increased gross margins and decreased operating costs.
Reworded paragraphs (16)
Previous wording
IvedaAI works with any ONVIF-compliant IP cameras and most popular NVR/VMS (Video Management System) platforms, enabling accurate search across dozens to thousands of cameras in less than one second. IvedaAI products are designed to maximize efficiency, save time, and cut cost. Instead of watching hours of video recording after-the-fact, users can set up alerts.
Current wording
IvedaAI works with any ONVIF-compliant IP cameras and most popular NVR/VMS (Video Management System) platforms, enabling accurate search across dozens to thousands of cameras in less than 1 second. IvedaAI products are designed to maximize efficiency, save time, and cut cost. Instead of watching hours of video recording after-the-fact, users can set up alerts.
Previous wording
Iveda offers many IoT sensors and devices for various applications such as energy management, smart home, smart building, smart community and patient/elder care. Our gateway and station serve as the main hub for sensors and devices in any given area. They are equipped with high-level communication protocols such as Zigbee, WiFi, Bluetooth, and USB. They connect to the Internet via Ethernet or cellular data network. We provide IoT platforms that enable centralized device management and push digital services on a massive scale. Our smart devices include water sensor, environment sensor, entry sensor, smart plug, siren, body temperature pad, care watch and tracking devices.
Current wording
Iveda offers many IoT sensors and devices for various applications, such as energy management, smart home, smart building, smart community and patient/elder care. Our gateway and station serve as the main hub for sensors and devices in any given area. They are equipped with high-level communication protocols such as Zigbee, WiFi, Bluetooth, and USB. They connect to the Internet via Ethernet or cellular data network. We provide IoT platforms that enable centralized device management and push digital services on a massive scale. Our smart devices include water sensor, environment sensor, entry sensor, smart plug, siren, body temperature pad, a care wrist watch and tracking devices.
Previous wording
We also offer smart power technology for office buildings, schools, shopping centers, hotels, hospitals, and smart city projects. Our smart power hardware is equipped with an RS485 communication interface allowing the meters to be connected to various third-party SCADA software for monitoring and control purposes. This line of product includes smart power, water meter, smart lighting controls systems, and smart payment system.
Current wording
We also offer smart power technology for office buildings, schools, shopping centers, hotels, hospitals, and smart city projects. Our smart power hardware is equipped with an RS485 communication interface allowing the meters to be connected to various third-party SCADA (supervisory control and data acquisition) software for monitoring and control purposes. This line of product includes smart power, water meter, smart lighting controls systems, and smart payment system.
Previous wording
Cerebro’s roadmap includes dashboard for all of Iveda’s platforms for central management of all devices. Cerebro is system agnostic and will support cross-platform interoperability. The common unified user interface will allow remote control of platforms, sensors and subsystems throughout an entire environment. This integration and unification of all subsystems enable acquisition and analysis of all information on one central command center, allowing comprehensive, effective, and overall management and protection of a city.
Current wording
Iveda’s Cerebro is a software technology platform that integrates a multitude of disparate systems for central access and management of applications, subsystems, and devices throughout an entire environment. It is system agnostic and will support cross-platform interoperability. Cerebro’s roadmap includes a dashboard for all of Iveda’s platforms for central management of all devices. It provides remote access to a Dashboard for a single user interface, providing convenient anywhere, anytime access and analysis of relevant information in a timely manner for managing an entire organization or city. Cerebro links city systems and subsystems inseparably to each other. This integration and unification of all subsystems enable acquisition and analysis of all information on one central entity allowing comprehensive, effective and overall management and protection of a city.
Previous wording
In the last few years, the smart city concept has been a hot topic among cities across the globe. With little to no human interaction, technology increases efficiency, expedites decision making, and reduces response time. Dwindling public safety budgets and resources has necessitated the transformation. More and more municipalities are using next-generation technologies to improve the safety and security of its citizens. Our response is our complete suite of IoT technologies, including AI intelligent video search technology, smart sensors, tracking devices, video surveillance systems, and smart power.
Current wording
In the last few years, smart city has been a hot topic among cities across the globe. With little to no human interaction, technology increases efficiency, expedites decision making, and reduces response time. Dwindling public safety budgets and resources have necessitated this transformation. More and more municipalities are using next-generation technologies to improve the safety and security of its citizens. Our response is our complete suite of IoT technologies, including AI intelligent video search technology, smart sensors, tracking devices, video surveillance systems, and smart power.
Previous wording
We recorded net consolidated revenue of $2.40 million for the three months ended September 30, 2024, compared with $0.87 million for the three months ended September 30, 2023, an increase of $1.53 million, or 175%. For the three months ended September 30, 2024, our service revenue was $0.06 million, or 3% of net revenue, and our equipment sales and installation revenue was $2.34 million, or 97% of net revenue. For the three months ended September 30, 2023, our service revenue was $0.09 million, or 10% of consolidated net revenue, and our equipment sales and installation revenue was $0.79 million, or 90% of net revenue. The increase in total revenue in 2024 compared with the same period in 2023 is attributable primarily to increased equipment sales from Iveda Taiwan as a result of delivery timing related to long-term contracts.
Current wording
The increase in revenue for the three months ended March 31, 2025 compared with the same period in 2024 is attributable primarily to increased equipment sales from Iveda Taiwan as a result of delivery timing related to long-term government contracts.
Previous wording
Total cost of revenue was $2.0 million (83% of revenue; gross margin of 17%) for the three months ended September 30, 2024, compared with $0.73 million (84% of revenue; gross margin of 16%) for the three months ended September 30, 2023, an increase of $1.26 million, or 172%. The increase in cost of revenue was primarily driven by increased Iveda Taiwan revenue. The slight increase in overall gross margin was primarily attributed to the higher margin equipment and service revenue for new customers.
Current wording
The decrease in overall gross margin was primarily attributed to the lower margin larger government contract sales in Taiwan.
Previous wording
Operating expenses were $1.01 million for the three months ended September 30, 2024, compared with $1.05 million for the three months ended September 30, 2023, a decrease of ($0.04) million, or (3%). This net decrease in operating expenses in 2024 compared with 2023 is due primarily to no significant investor relations campaigns in the US based operations during this period.
Current wording
The net decrease in operating expenses in the three months ended March 31, 2025 compared with the same period in 2024 is due primarily to no significant investor relations campaigns in the US based operations during this period.
Previous wording
Loss from operations decreased to $0.60 million for the three months ended September 30, 2024, compared with $0.91 million for the three months ended September 30, 2023, a decrease of $0.31 million, or 34%. A majority of the decrease in loss from operations was primarily due to increased revenues and related gross margins and reduction in operating expenses.
Current wording
A majority of the decrease in loss from operations was primarily due to increased revenues and related gross margins and reduction in operating expenses.
Previous wording
Net loss was $0.57 million for the three months ended September 30, 2024, compared with $0.85 million for the three months ended September 30, 2023. The decrease of $0.28 million, or 33%, in net loss was primarily due to increased revenues and related gross margins and reduction in operating expenses.
Current wording
The decrease in net loss was primarily due to increased revenues and related gross margins and reduction in operating expenses for the three months ended March 31, 2025 compared to the same period in 2024.
Previous wording
As of September 30, 2024, we had cash and cash equivalents of $3.6 million compared to $4.8 million as of December 31, 2023. This decrease in our cash and cash equivalents for the nine months ended September 30, 2024 is related to the operating losses during the nine months ended September 30, 2024 offset by a sale of common stock and pre-funded warrants during the quarter ended September 30, 2024. There are no legal or economic factors that materially impact our ability to transfer funds between our U.S.-based and Taiwan-based segments.
Current wording
As of March 31, 2025, we had cash and cash equivalents of $2.5 million compared to $2.7 million as of December 31, 2024. This decrease in our cash and cash equivalents for the three months ended March 31, 2025 is related to the operating losses during the three months ended March 31, 2025 offset by the collection of accounts receivables. There are no legal or economic factors that materially impact our ability to transfer funds between our U.S.-based and Taiwan-based segments.
Previous wording
Net cash used in operating activities during the nine months ended September 30, 2024 was ($3.2) million compared to ($1.9) million net cash used during the nine months ended September 30, 2023. Net cash used in operating activities for the nine months ended September 30, 2024 consisted primarily of the net loss of ($2.2) million. Other factors for the nine months ended September 30, 2024 included ($1.0) million cash used from the increase of inventory and by the increase of ($1.9) million of accounts receivable. Net cash used by operating activities for the nine months ended September 30, 2023 consisted primarily of the $0.8 million net collection of accounts receivable offset by net loss of ($2.1) million.
Current wording
Net cash used in operating activities during the three months ended March 31, 2025 was ($0.1) million compared to ($1.1) million net cash used during the three months ended March 31, 2024. Net cash used in operating activities for the three months ended March 31, 2025 consisted primarily of the net loss of ($1.0) million. Other offsetting factors for the three months ended March 31, 2025 included $0.5 million cash provided from the collection of accounts receivable. Net cash used by operating activities for the three months ended March 31, 2024 consisted primarily of the net loss of ($1.3) million.
Previous wording
Net cash used in investing activities for the nine months ended September 30, 2024 was $0.3 million consisting primarily of the development of the IvedaAI platforms. Net cash used by investing activities during the nine months ended September 30, 2023 was $0.6 million consisting primarily of the development of the IvedaAI platforms.
Current wording
Net cash used in investing activities for the three months ended March 31, 2025 and 2024 were negligible.
Previous wording
Net cash provided by financing activities for the nine months ended September 30, 2024 was $2.3 million compared with $0.9 million provided during the nine months ended September 30, 2023. Net cash provided by financing activities in 2024 of $2.3 million is primarily a result of the sale of common stock and pre-funded warrants, $1.8 million, and the net proceeds from bank loans in Taiwan for the nine months ended September 30, 2024. The cash provided for the nine months ended September 30, 2023 is related primarily to the exercise of 945,900 warrants at $1.40 with net proceeds of $1.4 million offset by $0.45 million payments against short and long term loans in Taiwan during the nine months ended September 30, 2023.
Current wording
Net cash provided by financing activities for the three months ended March 31, 2025 were minimal compared with $0.5 million provided during the three months ended March 31, 2024. Net cash provided by financing activities in 2024 of $0.5 million proceeds from long term loans in Taiwan during the three months ended March 31, 2024.
Previous wording
We have experienced significant operating losses since our inception. At December 31, 2023, we had approximately $32 million in net operating loss carryforwards available for federal income tax purposes, which will begin to expire in 2025. We did not recognize any benefit from the federal net operating loss carryforwards in 2023 or 2022. We also had approximately $5.0 million in state net operating loss carryforwards, which expire after five years.
Current wording
We have experienced significant operating losses since our inception. At December 31, 2024, we had approximately $38 million in net operating loss carryforwards available for federal income tax purposes, which will begin to expire in 2025. We did not recognize any benefit from the federal net operating loss carryforwards in 2025 or 2024. We also had approximately $12.0 million in state net operating loss carryforwards, which expire after five years.
Previous wording
Substantially all of our cash is deposited in three financial institutions, two in the United States and one in Taiwan. At times, amounts on deposit in the United States may be in excess of the FDIC insurance limit. Deposits in Taiwan financial institutions are insured by CDIC (“Central Deposit Insurance Corporation”) with maximum coverage of NTD $3 million. At times, amounts on deposit in Taiwan may be in excess of the CDIC insurance limit.
Current wording
Substantially all of our cash is deposited in three financial institutions, two in the United States and one in Taiwan. At times, amounts on deposit in the United States may be in excess of the FDIC insurance limit. Deposits in Taiwan financial institutions are insured by CDIC (“Central Deposit Insurance Corporation”) with maximum coverage of New Taiwan Dollar (NTD) $3 million. At times, amounts on deposit in Taiwan may be in excess of the CDIC insurance limit.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
IvedaAIconsists of deep-learning video analytics software running in a computer/server environment that can either be deployed at an edge level or data center for centralized cloud model. We combined hardware and artificial intelligence software for fast and efficient video search for objects stored in an external (NVR) or storage device and live streaming video data from any IP camera.
Current report — wording carried from elsewhere
IvedaAIworks with any ONVIF-compliant IP cameras and most popular NVR/VMS (Video Management System) platforms, enabling accurate search across dozens to thousands of cameras in less than 1 second. IvedaAI products are designed to maximize efficiency, save time, and cut cost. Instead of watching hours of video recording after-the-fact, users can set up alerts.
Current report — wording carried from elsewhere
IvedaSPSis our smart power solution, utilizing our Cerebro IoT platform. This completes our digital transformation solution crucial in smart city deployments as well as in large organizations. We offer smart power technology for office buildings, schools, shopping centers, hotels, hospitals, and smart city projects. This product includes smart power, water meter, smart lighting controls systems, and smart payment system.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Results of Operations for the Nine months Ended September 30, 2024 Compared with the Nine months Ended September 30, 2023