- Record quarterly revenue of $10.3 million, up 78% year-over-year.
- Deployed 512 MobileyeZ security towers in 2024, with a fleet utilization over 90%.
- Secured $45 million in new financing, aiding U.S. expansion.
Zedcor Inc. (ZDCAF, Financial) has announced impressive financial results for the fourth quarter of 2024, marking record revenues and significant operational developments. The company achieved a quarterly revenue of $10.3 million, reflecting a 78% increase from the previous year. Adjusted EBITDA also reached a new high at $4.0 million, showcasing a year-over-year surge of 185% and contributing to an EBITDA margin of 39% despite scaling costs in the U.S.
Operationally, Zedcor deployed 186 MobileyeZ security towers during the fourth quarter and 512 throughout the year 2024, maintaining a fleet utilization rate above 90%. The expansion into the U.S. market was particularly fruitful, with U.S. revenue making up over 20% of the total for Q4 2024. This expansion supports the company's continued customer diversification and strong demand for its security solutions.
The company's fleet grew to 1,337 MobileyeZ security towers by the end of 2024. Additionally, Zedcor secured $45 million in new financing, comprised of $15 million in equity financing and a $30 million debt facility in December 2024, to fuel further growth and manufacturing capabilities based in Houston, Texas. This strategic positioning provides insulation from tariffs and secures camera costs for 2025, underscoring Zedcor's strategic planning in mitigating geopolitical risks.
Zedcor's financial performance was bolstered by a 57% increase in Adjusted EBITDA for the year, driven by revenue growth and cost efficiencies from upgraded AI-equipped cameras. The company continues to broaden its customer base across North America, further reducing risks associated with customer concentration.
