Mace Security International Reports Second Quarter 2024 Financial Results

Mace Security International, Inc. (OTCQB:MACE), a leader in personal self-defense sprays, announced its second quarter 2024 financial results. The company reported net sales of $1,360,000, a 22% decrease from the same period in 2023, primarily due to the loss of two significant retail customers.

Despite maintaining a 30% gross profit rate, Mace saw a 28% reduction in manufacturing costs compared to the previous year. This was offset by increased freight and component costs. The company continued to invest in manufacturing improvements and new product development.

SG&A expenses were $947,000, with adjusted expenses of $824,000, down 4% from the previous year. The net loss for the quarter was $722,000, compared to $629,000 in Q2 2023. Adjusted EBITDA showed a loss of $412,000, up from $283,000 in the same period last year.

Cash and cash equivalents decreased to $60,000, with $1,245,000 drawn against a $2,000,000 credit line. Working capital declined by $948,000.

CEO Sanjay Singh highlighted challenges such as declines in sales and Amazon policy changes but noted a 10% rise in S2 pepper spray launcher sales in Q3 compared to Q2 2024.