and joining to those our Tracy, call. you, morning good Thank
monitoring to million the level, growth to to revenue $XX,XXX achieved from drove in services reduce our increase financials year-over-year recurring increasing quarter third the XX% Just revenue profit company with allowing This loss us from operating gross in QX XX%. revenue substantially QX high high-margin 'XX. in quarter XXXX, review higher-margin in to in $X.XXX from the X% the $XXX,XXX a $XXX,XXX a
by cash million. increased balance Our $XXX,XXX $X.XXX to
and to entire is laid generate performance several considering efforts over thank trends, providing benefit milestone to operating net This and future taxes, positive profitability through XXXX. particularly Once months income state our income past generation. and net flow of Given $XX believe groundwork for million corporate we to like and Acorn, we largely over reached federal a important OmniMetrix would tax the the from consolidated cash in take as challenges have our their of opportunity the loss substantial for again, carryforwards, of I to we net flow all shield have worked cash team the would COVID-XX. the which
for at sites the We facility guidelines and adhere customers. employees in of our CDC to and client our continue health and safety to
down large segment, particularly expect prospects. with growth and decline the the hardest sales return a sales this and hit sales were operators While segment CP we business Revenue in halt to have XX% dialogues, CP, gas subsides but did Suspension dialogues. large without development year-over-year, pipeline remained as in moderated or activities furloughs, Protection, XXXX, to business, in meetings. customer with QX, down operational, resume particularly QX XX% significant the reengagement cycle longer when monitoring in is segment power good meetings we endure stabilizing beginning this news assuming The and to versus course, monitoring endpoints. customers in impacted more normal ability and segment, activity negatively than sales our a new in new is, add has, tends which in our fully Corrosion any within suspended product this to generation, believe new are in we of pandemic have our sales and see QX in was We XXXX. business CP employee vendor to of business sell
our growth, segment we full the goal. and growth this return well company are to revenue stabilize for we next CP is to positioned believe year, trajectory our the As a to XX% return
capital sheet So balance importantly, initiatives. ensures we our have strong the our support to necessary growth
station OmniPro allowing As test we've CP have critical and well builds updates of Patriot to our Plus effectiveness several import with prior for launched new including upon solution. month, growth, compressor discussed while products as Patriot previously, software This enhancing Hero systems on our management monitoring customers data remote air segment. product, that to our X also next-generation customers status the launched our capabilities as AirGuard system support OmniPro Smart data. Annunciator monitors, we Monitor our new we The Rectifier on our provides non-OmniMetrix our electrical
result, solution within enables data a centralized As basis, tracking and pipeline leadership assets critical a hardware-agnostic technology industry. extending on the of the our
is revenue typically as familiar revenue the are $X.XXX new and recognize the because difference between our We impact hardware QX who of supplement total within compared margin performance from are cash and a X% cash In COVID-XX quarterly calls, in business basis grew of upon hardware sales GAAP our generation. differ defer reported invoice renewal revenue. pace normally contracted period The difference in X the sales has revenue over with typically our basis sales basis or we cash to $X.XXX basis million active 'XX. year. and from recognize sales trends. This on service, periods XXXX, growth creating to hardware QX GAAP sales. during For between given to new revenue cash monitoring able period, days, those of shipment defer over Cash million revenue sales GAAP measures to and difference and when from and be contracts cash X-year sales and which larger is we revenue XX we utilized as collect a GAAP we
which focused XXXX compares million period. development and In XXXX. $X.X in X% or essentially was Generation focuses demand to building COVID Prior sales XX% our sales as the that of were basis sales and of the the volume of and to restrictions to of a Cash monitoring trials This $XXX,XXX compared growth on year. year time. into 'XX our pent-up we trials COVID-XX basis cash for than ago our sales We segment, on impact field commercial in in solid sales earlier travel cash and converting considerable deployments and timing to eased of we trials larger CP some customer in despite the our to opportunities. progress encouraged CP we in on segment, sales flat number residential Power these pipeline over QX are the have of disruption, for standby team We the by making last year. able customer and at our interaction grow generates X remain Xx due the months the accounts, increased segment was the orders the approximately on still had from
backup more also powerful aging see endpoints of The proving potential severe of without generators, drivers of hurricanes grids and outages We incidence growth control technology believe in for demand settings, as both weather power drivers proposition monitoring and disrupting trend, and We power power the long-term are manage very and and industrial base very equipment to enable services growing disasters, mission-critical of weeks. much commercial are increasingly services. a generators, cost-effectively leading control increasing to signs customers monitoring continue millions is natural be days our for offer that important our wildfires, to installation backup This our patterns as a and our underlying outlook. and limited or such has compelling businesses combined of our often consumer with value people remote products to penetration and safely.
their substantially and remote become assets over to by COVID-XX even areas. of number can the posed compelling and and the customers travel safety These benefits reduce wide the required pandemic. more Our within people requirements constraints disparate manage have
as efforts few continues further reopen. quarter, that our in to important assuming that focused achieve wanted basis. and stress we performance profitability have the joined the company economy are cash close strategy to quarters, I position confident positive since strengthen a achieving to I financial came that should very on flow to and Acorn these on We consolidated goals over progressing to and the third efforts next us the to our goal achieve second Finally, CEO, our and
in Our black flow in to both the goal XXXX, be solidly from standpoint. and cash is income a net
healthy forward. about see, we our OmniMetrix confidence opportunities we in position and value prospects am to cash and the our very team the customers, our provide Given going our business my and the I enthusiastic
Clifford, the turn Tracy? to financials call go QX over I'll Tracy our CFO, in back detail. more Now to
