The following are recent financial reports as posted by selected Utah corporations:
Security National Financial
Security National Financial Corp., based in Salt Lake City, reported after-tax earnings of $11.8 million, or $1.11 per share, for the quarter ended Sept. 30. That compares with $4 million, or 49 cents per share, for the same quarter a year earlier.
Revenues in the most recent quarter totaled $88.3 million, up from $80.2 million in the year-earlier quarter.
The company has three business segments: life insurance, cemeteries/mortuaries and mortgages.
“I continue to be pleased with our company’s financial performance in 2024,” Scott M. Quist, president, said in announcing the results. “To have a 128 percent increase in net income resulting in a nearly 11 percent return on equity for the first nine months is an excellent performance, in my view. By the numbers, our net income improved from $11.6 million in 2023 to $26.6 million in 2024. We have some definite bright spots in our third-quarter performance. … All in all, to have a 128 percent increase in net income and a nearly 11 percent return on equity is a very credible nine-month performance.”
ClearOne
ClearOne Inc., based in Salt Lake City, reported a net loss of $2.1 million, or 9 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $1.4 million, or 6 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $2.5 million, down from $4.9 million in the year-earlier quarter.
ClearOne designs, develops and sells conferencing, collaboration and network streaming solutions for voice and visual communications.
“We believe this revenue decline was primarily due to the cumulative impact of past production shortages,” Derek Graham, CEO, said in announcing the results. “Historically, we have seen a lag of several months between the time that our professional conferencing products are specified for a project and the date when those products are purchased for installation. Since our product availability was constrained through a significant part of Q4 2023, as a result of delays in the transition of outsourced manufacturing from China to Singapore throughout 2023, we believe our revenue was impacted negatively by these market dynamics through much of Q3 2024.”
Clene
Clene Inc., based in Salt Lake City, reported a net loss of $7.9 million, or $1.22 per share, for the third quarter ended Sept. 30. That compares with a loss of $2.5 million, or 38 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $87,000, down from $108,000 in the year-earlier quarter.
Clene Inc. and its wholly owned subsidiary, Clene Nanomedicine Inc., are focused on revolutionizing the treatment of neurodegenerative diseases, including amyotrophic lateral sclerosis (ALS) and multiple sclerosis (MS).
Sky Quarry
Sky Quarry Inc., based in Woods Cross, reported a net loss of $4.4 million, or 25 cents per share, for the third quarter ended Sept. 30. That compares with a loss of $600,000, or 4 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $4.8 million, down from $14.4 million in the year-earlier quarter.
Sky Quarry and its subsidiaries are an oil production, refining and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils.
“The third quarter was a transformative validation for Sky Quarry with our successful listing on the Nasdaq Stock Market and the closing of a $6.7 million public offering to fund our strategy to revolutionize the waste asphalt shingle recycling industry,” David Sealock, CEO, said in announcing the results.
TruGolf
TruGolf Holdings Inc., based in Salt Lake City, reported a net loss of $60,175, or zero cents per share, for the third quarter ended Sept. 30. That compares with a loss of $2.7 million, or $219.38 per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $6.2 million, up from $3.4 million in the year-earlier quarter.
TruGolf is a golf technology company aimed at making golf easy.
“This strong third-quarter growth is a direct result of the significant investment we have made in our technology over the past two years,” Chris Jones, CEO and director, said in announcing the results. “We believe this is just the beginning of a dynamic growth period for TruGolf and the sports technology industry. In addition to our hardware and software sales, our franchise concept, launched in the third quarter, has an initial 120 franchise locations committed to coming online all throughout the United States.”
Owlet
Owlet Inc., based in Lehi, reported a net loss of $5.6 million, or 61 cents per share, for the for the third quarter ended Sept. 30. That compares with a loss of $5.6 million, or 84 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $22.1 million, up from $9.2 million in the year-earlier quarter.
Owlet sells a digital health infant monitoring platform.
“Owlet is demonstrating significant momentum as we delivered another quarter of strong revenue growth and meaningful margin expansion,” Kurt Workman, CEO and co-founder, said in announcing the results. “We continue to leverage our differentiated infant monitoring solutions, including FDA approval and CE clearance, to grow adoption, capture market share, and address the fundamental needs of parents around the world.”
