8-K
LogicMark, Inc. (LGMK)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934
Date of Report (Date of earliest event reported): August 13, 2025 (August 12, 2025)
LogicMark, Inc.
(Exact name of registrant as specified in its charter)
| Nevada | 001-36616 | 46-0678374 |
|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission File Number) | (IRS Employer<br><br>Identification No.) |
| 2801 Diode LaneLouisville, KY | 40299 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
(502) 442-7911
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| - | - | - |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and FinancialCondition.
On August 12, 2025, LogicMark, Inc., a Nevada corporation (the “Company”), issued a press release announcing its financial and operational results for the quarter ended June 30, 2025, recent business highlights and corporate developments, and an investor webcast that occurred on August 12, 2025 to discuss such results and update shareholders on general corporate developments. The press release and the transcript of the investor webcast are attached as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K (this “Form 8-K”) and are incorporated herein by reference.
The information contained in this Form 8-K provided under Items 2.02 and 7.01 and Exhibits 99.1 and 99.2 attached hereto are furnished to, but shall not be deemed filed with, the U.S. Securities and Exchange Commission or incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Item 7.01 Regulation FD Disclosure.
Reference is made to the disclosure in Item 2.02 of this Form 8-K, which disclosure is incorporated herein by reference.
Forward-Looking Statements
Exhibits 99.1 and 99.2 attached hereto contain, and may implicate, forward-looking statements regarding the Company, and include cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release, dated August 12, 2025. |
| 99.2 | Transcript of the Company’s investor webcast held on August 12, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 13, 2025 | LogicMark, Inc. | |
|---|---|---|
| By: | /s/ Mark Archer | |
| Name: | Mark Archer | |
| Title: | Chief Financial Officer |
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Exhibit 99.1
LogicMark, Inc. Reports Second Quarter 2025Results
Highlighted by 22% Sales Growth
Louisville, KY., August 12, 2025 -- LogicMark, Inc. (OTC: LGMK) (the Company), a provider of personal safety, personal emergency response systems (PERS), health communications devices, and technology for the growing care and safety economy, today announced financial and operational results for the quarter ended June 30, 2025.
Summary:
| ● | Revenues were $2.9 million in the second quarter of 2025, an increase of 22% compared with the second quarter of 2024. |
|---|---|
| ● | Gross Profit in the second quarter of 2025 improved 24% to $1.9 million compared with the prior year period. |
| --- | --- |
| ● | Gross margin improved to 67.5%, a 99 bp increase compared with the prior year period. |
| --- | --- |
| ● | Improved liquidity with cash and investments of $13.0 million, due to a successful capital raise earlier in the year, along with no<br>long-term debt, as of June 30, 2025. |
| --- | --- |
| ● | Completed transition of the Company’s common stock to the OTC market during the second quarter, providing a less restrictive<br>trading platform. |
| --- | --- |
| ● | Expanded the sales organization with key leadership hires to accelerate B2B growth, revitalize the reseller program, and strengthen<br>go-to-market capabilities. |
| --- | --- |
Chia-Lin Simmons, Chief Executive Officer ofLogicMark, commented, “I’m pleased with the revenue growth we achieved in the second quarter, accelerating at a pace markedly faster than anything in the recent past. Our R&D team has been diligently enhancing existing products, creating new hardware and software, and introducing state-of-the-art features such as AI-enabled fall detection. The Company’s expanding variety of personal safety devices provides cost-effective solutions that meet the needs of entire families, supporting aging in place and giving people confidence that help is always close at hand. Personal safety remains a consistent priority for households, and we are building solutions that support families at every stage of life.
“To build on this momentum, we are scaling our go-to-market capabilities. We recently appointed a new Senior Vice President of Sales to lead our sales efforts. In addition, we have been working to revitalize our reseller program in order to provide stronger partner support and broader customer reach. These initiatives will position us to expand into institutional and other government channels, including opportunities opened through our GSA contract. Our growing product and IP portfolio, along with new strategic investment in sales infrastructure, also positions LogicMark to capture the expanding demand for personal safety and care technology solutions.
“With a strengthened cash position and our transition to another stock exchange behind us, we can focus on disciplined execution and serving our customers. Building a strong company takes time and commitment, and the foundation we have been laying over the past few years through innovation, channel expansion, and operational focus will drive meaningful, lasting value for our customers and stakeholders alike,” concluded Ms. Simmons.
Second Quarter 2025 Results
Revenue for the second quarter ended June 30, 2025, was $2.9 million, up 22% compared with $2.3 million of revenue for the same period last year. Higher sales of the Freedom Alert Mini units, launched in 2024, and our recently upgraded Guardian Alert 911 Plus were the primary drivers of the revenue increase.
Gross profit in the second quarter of this year was $1.9 million, rising 24%, compared with $1.6 million in the same period last year. Gross margin increased to 67.5% for the three months ended June 30, 2025, compared to 66.6% in the prior-year period, an increase of 99 bps, driven by a shift in sales mix to higher margin products.
Total operating expenses were $4.1 million for the second quarter of 2025, versus $3.6 million in the second quarter of 2024. The 12% increase was driven by costs related to recruiting efforts to grow the sales team, as well as higher consulting and legal fees.
Net loss attributable to common shareholders for the second quarter was $2.1 million, unchanged compared with the same period last year. On a fully diluted per share basis, there was no loss or gain, compared with a net loss per share of $24.12 for the same period last year. This improvement in the net loss per share is attributable to the higher number of weighted average common shares outstanding in the current quarter.
During the first quarter of 2025, the Company completed a registered public offering of units and pre-funded units, consisting of common stock, warrants, and pre-funded warrants, resulting in gross proceeds of $14.4 million.
At the end of the second quarter, the Company reported cash and investments of $13.0 million, and no long-term debt.
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Investor Call and SEC Filings
Chia-Lin Simmons, CEO, and Mark Archer, CFO, will host a live investor call and webcast on Tuesday, August 12, 2025, at 1:30 PM (PDT) / 4:30 PM (EDT) to review the Company’s financial results for the second quarter of 2025.
To listen to the live webcast, please visit the LogicMark Investor Relations website or use the link: https://edge.media-server.com/mmc/p/hcbacxti
Investors and analysts wishing to participate in the live call should register here:
https://register-conf.media-server.com/register/BIa8a4fa14dbb2429d9246e5c131656f46
The associated press release, SEC filings, and webcast replay will also be accessible on the investor relations website.
About Us
LogicMark, Inc. (OTC: LGMK) is on a mission to let people of all ages lead a life with dignity, independence, and the joy of possibility. The Company provides personal safety, personal emergency response systems (PERS), software apps, health communications devices, services, and technologies to create a Connected Care Platform. Made up of a team of leading technologists with a deep understanding of IoT, AI, and machine learning, and a passionate focus on understanding consumer needs, LogicMark is dedicated to building a ‘Care Village’ with proprietary technology and creating innovative solutions for the care economy. The Company’s PERS technologies are sold through the United States Veterans Health Administration, dealers, distributors, and direct-to-consumer. LogicMark has been awarded a contract by the U.S. General Services Administration that enables the Company to distribute its products to federal, state, and local governments. For more information visit LogicMark.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to, among other things, the Company’s financial results for the second quarter of 2025 and related call and webcast, and the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the need and availability of financing; the Company’s ability to implement its long-range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the SEC. There can be no assurance that a broker will continue to make a market in the Company’s common stock or that trading of the common stock will continue on an over-the-counter market or elsewhere. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may differ materially from those described in this press release as intended, planned, anticipated, believed, estimated, or expected. Any forward-looking statement made by us in this press release is based on information currently available to us and speaks only as of the date on which it is made. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances, or assumptions underlying such statements, or otherwise.
Investor Relations Contact
investors@logicmark.com
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LogicMark, Inc.
CONDENSED BALANCE SHEETS
(Unaudited)
| December 31, | |||||
|---|---|---|---|---|---|
| 2024 | |||||
| Assets | |||||
| Current Assets | |||||
| Cash and cash equivalents | 5,013,959 | $ | 3,806,915 | ||
| Investments | 7,965,965 | - | |||
| Accounts receivable, net | 148,968 | 4,355 | |||
| Inventory | 790,183 | 1,048,963 | |||
| Prepaid expenses and other current assets | 573,864 | 476,672 | |||
| Total Current Assets | 14,492,939 | 5,336,905 | |||
| Property and equipment, net | 60,761 | 112,605 | |||
| Right-of-use assets, net | 348,843 | 48,641 | |||
| Product development costs, net of amortization of 614,581 and 397,340, respectively | 1,180,787 | 1,384,172 | |||
| Software development costs, net of amortization of 765,757 and 428,803, respectively | 2,429,594 | 2,019,090 | |||
| Goodwill | 3,143,662 | 3,143,662 | |||
| Other intangible assets, net of amortization of 6,809,203 and 6,428,305, respectively | 1,795,364 | 2,176,262 | |||
| Total Assets | 23,451,950 | $ | 14,221,337 | ||
| Liabilities, Series C Redeemable Preferred Stock and Stockholders’ Equity | |||||
| Current Liabilities | |||||
| Accounts payable | 619,565 | $ | 750,336 | ||
| Accrued expenses | 902,736 | 1,053,301 | |||
| Deferred revenue | 400,026 | 225,195 | |||
| Total Current Liabilities | 1,922,327 | 2,028,832 | |||
| Other long-term liabilities | 326,228 | - | |||
| Total Liabilities | 2,248,555 | 2,028,832 | |||
| Commitments and Contingencies (Note 9) | |||||
| Series C Redeemable Preferred Stock | |||||
| Series C redeemable preferred stock, par value 0.0001 per share: 2,000 shares designated; 1 share issued and outstanding as of June 30, 2025 and December 31, 2024, respectively, aggregate liquidation preference of 2,000,000 as of June 30, 2025 and December 31, 2024, respectively | 1,807,300 | 1,807,300 | |||
| Stockholders’ Equity | |||||
| Preferred stock, par value 0.0001 per share: 80,000,000 shares authorized | |||||
| Series F preferred stock, par value 0.0001 per share: 1,333,333 shares designated; 106,333 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively, aggregate liquidation preference of 319,000 as of June 30, 2025 and December 31, 2024, respectively | 319,000 | 319,000 | |||
| Series H preferred stock, par value 0.0001 per share: 1,000 shares designated; 0 shares issued and outstanding as of June 30, 2025 and 310 shares issued and outstanding as of December 31, 2024. Aggregate liquidation preference of 0 and 472,245 as of June 30, 2025 and December 31, 2024, respectively | - | 472,245 | |||
| Series I preferred stock, par value 0.0001 per share: 1,000 shares designated; 0 shares issued and outstanding as of June 30, 2025 and 310 shares issued and outstanding as of December 31, 2024 | - | - | |||
| Common stock, par value 0.0001 per share: 800,000,000 shares authorized; 576,305,099 and 2,397,794 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 57,632 | 240 | |||
| Additional paid-in capital | 132,427,757 | 118,758,356 | |||
| Accumulated deficit | (113,408,294 | ) | (109,164,636 | ) | |
| Total Stockholders’ Equity | 19,396,095 | 10,385,205 | |||
| Total Liabilities, Series C Redeemable Preferred Stock and Stockholders’ Equity | 23,451,950 | $ | 14,221,337 |
All values are in US Dollars.
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LogicMark, Inc.
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
| For the Three Months<br><br> Ended June 30, | For the Six Months<br><br> Ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenues | $ | 2,853,210 | $ | 2,336,268 | $ | 5,445,035 | $ | 4,947,351 | ||||
| Costs of goods sold | 925,910 | 781,318 | 1,872,507 | 1,625,183 | ||||||||
| Gross Profit | 1,927,300 | 1,554,950 | 3,572,528 | 3,322,168 | ||||||||
| Operating Expenses | ||||||||||||
| Direct operating cost | 350,453 | 320,660 | 694,079 | 651,580 | ||||||||
| Advertising costs | 46,395 | 135,220 | 220,985 | 287,433 | ||||||||
| Selling and marketing | 703,249 | 605,493 | 1,220,348 | 1,193,031 | ||||||||
| Research and development | 138,115 | 133,556 | 293,604 | 307,458 | ||||||||
| General and administrative | 2,313,034 | 1,982,997 | 4,579,753 | 3,881,960 | ||||||||
| Other expense | 14,423 | 69,932 | 64,035 | 153,758 | ||||||||
| Depreciation and amortization | 494,045 | 377,974 | 993,472 | 723,525 | ||||||||
| Total Operating Expenses | 4,059,714 | 3,625,832 | 8,066,276 | 7,198,745 | ||||||||
| Operating Loss | (2,132,414 | ) | (2,070,882 | ) | (4,493,748 | ) | (3,876,577 | ) | ||||
| Other Income | ||||||||||||
| Interest income | 133,648 | 32,025 | 178,863 | 93,177 | ||||||||
| Other (expense) income | (53,906 | ) | - | 71,227 | - | |||||||
| Total Other Income | 79,742 | 32,025 | 250,090 | 93,177 | ||||||||
| Loss Before Income Taxes | (2,052,672 | ) | (2,038,857 | ) | (4,243,658 | ) | (3,783,400 | ) | ||||
| Income tax expense | - | - | - | - | ||||||||
| Net Loss | (2,052,672 | ) | (2,038,857 | ) | (4,243,658 | ) | (3,783,400 | ) | ||||
| Preferred stock dividends | (75,000 | ) | (75,000 | ) | (150,000 | ) | (150,000 | ) | ||||
| Net Loss Attributable to Common Stockholders | (2,127,672 | ) | (2,113,857 | ) | (4,393,658 | ) | (3,933,400 | ) | ||||
| Net Loss Attributable to Common Stockholders Per Share - Basic and Diluted | $ | (0.00 | ) | $ | (24.12 | ) | $ | (0.02 | ) | $ | (45.30 | ) |
| Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 549,767,010 | 87,630 | 283,971,707 | 86,824 |
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Exhibit 99.2
LogicMark(Q2 2025 Earnings)August 12, 2025
Corporate Speakers:
| ● | Chia-Lin Simmons; LogicMark, Incorporated; Chief Executive<br>Officer |
|---|---|
| ● | Mark Archer; LogicMark, Incorporated; Interim Chief Financial<br>Officer |
| --- | --- |
Participants:
| ● | Marla Marin; Zacks Small Cap Research; Analyst |
|---|
PRESENTATION
Operator: Good afternoon, and thank you for participating in today’s Second Quarter 2025 Conference Call. Our speakers today will be Chia-Lin Simmons, Chief Executive Officer, and Mark Archer, Chief Financial Officer.
During this call, management will be making forward-looking statements, including statements that address LogicMark’s expectations for future performance or operational results and anticipated product launches.
Forward-looking statements involve risk and other factors that may cause actual results to differ materially from those statements. For more information about this risk, please refer to the risk factors described in LogicMark’s most recently filed annual report on Form 10-K and subsequent periodic reports filed with the SEC and LogicMark’s press release that accompanies this call, in particular the cautionary statements in it.
Statements made on this call may include references to non-GAAP financial measures as defined in Regulation G of the Securities Exchange Act of 1934, including adjusted EBITDA, which is reconciled to the mostly -- I’m sorry -- the most directly comparable GAAP financial measures. Management believe that non-GAAP adjusted EBITDA provides investors with insight into the company’s overall operating performance.
The content of this call contains accurate, time-sensitive information as of today, August 12, 2025. Except as required by law, LogicMark disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn the call over to Chia-Lin Simmons. Please go ahead.
Chia-Lin Simmons: Thank you, [Carmen]. And good afternoon, everyone. I appreciate you joining us today to discuss our recent results. The second quarter was strong for LogicMark. We delivered 22% year-over-year revenue growth, our strongest pace in recent years. This performance reflects the traction we’ve gained from recent investments in product innovation, go-to-market strategy, and team expansion. Our focus remains clear, delivering affordable, innovative personal safety solutions that create long-term value for both of our customers and shareholders.
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LogicMark operates in a growing care economy, addressing the evolving needs of families, caretakers, and individuals through our personal safety and emergency response technologies. Our mission is to support aging in place and peace of mind across generations by building technology lifelines. Whether for an elderly parent, an independent adult, or a child who needs quick access to help, this need isn’t going away, and households are increasingly prioritizing safety and independence.
LogicMark is uniquely positioned to serve this durable, expanding demand with differentiated technology and thoughtful design. Information that we’ve been gathering for the past several years through our research, customer engagement, and industry studies continues to validate our business model. A recent study by the AARP and National Alliance for Caregiving highlights the quiet but growing caregiving crisis in the United States. An estimated 63 million Americans, or nearly one in four adults, are now providing ongoing care for others. This comprises 59 million supporting adults and 4 million caring for children with complex health needs. This represents a surge of 20 million caregiving adults since 2015, a 45% increase.
Many of these caregivers are dedicating 40 or more hours a week with a third having provided care for five years or more. This personal toll is profound. Nearly half reported serious financial strain, including debt, reduced savings, and food insecurity. Their own health is often neglected due to the demands of caregiving, yet few receive formal training or support. This mounting pressure on family caregivers has positioned them as an unrecognized backbone of the U.S. healthcare system, performing unpaid complex care across all demographics, often at great personal sacrifice. Our product and R&D teams continue to innovate to meet these challenges.
In the second quarter, we saw growth from newer devices like the Freedom Alert Mini, which we launched last year. In our recently upgraded Guardian Alert 911 Plus, we’re focused on continuing to deliver a hardware plus software ecosystem that adapts to real-life needs. This includes new features like AI-enabled fall detection, cost-effective solutions tailored towards families and seniors, and a forward roadmap that provides for medicine reminder capability with an expected rollout in just a few weeks. We’re also continuing to expand our IP portfolio, further enhancing our competitive position, long-term value proposition, and licensing capabilities. Our development of sensor-enabled environments enhance safety, responsiveness, and independence for vulnerable individuals.
By integrating data from wearables, in-home sensors, and environmental monitors, our technology enables real-time incident detection, including falls, inaction, and unusual movements, helping provide emergency alerts that are both accurate and timely. At the core of this ecosystem is our patent care processing platform, which intelligently correlates signals from a range of inputs such as microphones, speakers, video, and other sensors to reduce false alarms and improve caregiver response.
Products like the Freedom Alert Max and Mini provide features such as two-way communication, 24-7 U.S.-based monitoring, geofencing for memory care in Alzheimer’s patients, and caregiver app integration, all designed to support aging in place and provide peace of mind. We’ve made great strides in our solutions offerings that allow us to move not just from offering responsive technology, but predictive and preventive technology as well.
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We continue to use AI and software services to bring more value and solutions for our customers’ complex care needs, while providing the company additional recurring revenue opportunities through the new offerings. To capture this momentum, we’re investing in sales leadership and partner engagement. Recently, we appointed Jeffrey Durkin as SVP of sales to lead our B2B expansion efforts.
We’re also revitalizing our reseller program by enabling better partner support and improved reach to the end customer. You may have seen that we are expanding our presence at industry conferences and deepening relationships across institutional and government channels, including those tied to our GSA contracts. We believe investments in all these initiatives will accelerate our multi-channel growth trajectory in the quarters ahead.
As we previously announced, our transition to the OTC market was completed in the second quarter, allowing us to focus more fully on business execution. With a strengthened cash position and no long-term debt, we’re well positioned to drive forward. Our foundation is strong, rooted in innovation, channel expansion, and operational rigor. We believe the work that we’re doing today will generate meaningful and lasting value.
With that, I’ll turn it over to Mark to walk through our financial results.
Mark Archer: Thank you, Chia-Lin. I’m happy to report on our strong financial results. Revenue for the second quarter of 2025 was $2.9 million, up 22% year-over-year and up 10% from this year’s first quarter. Our second quarter growth was fueled by higher sales of our Freedom Alert Mini and the upgraded Guardian Alert 911 Plus PERS units. For the second quarter of 2025, gross profit was $1.9 million, up 24% compared to the same quarter last year, and gross margin improved by 99 basis points to 67.5%, reflecting a favorable shift in product mix toward higher margin offerings.
Response to our upgraded Guardian Alert 911 Plus unit has been strong, and with the addition of fault detection in this upgraded unit, we were able to take pricing, which has provided margin enhancement. Total operating expenses were $4.1 million versus $3.6 million in the second quarter of 2024. The 12% increase was driven by costs related to recruiting efforts to grow the sales team, as well as higher consulting and legal fees. Net loss attributable to common shareholders for the second quarter was $2.1 million, unchanged compared with the same period last year.
On a fully diluted basis, there was no loss or gain per share compared to a net loss per share of $24.12 for the same period last year. This improvement in the net loss per share was attributable to the higher number of weighted average common shares outstanding in the current quarter. Now, looking forward to the last six months, total revenue reached $5.4 million, up 10% from the same period last year.
Gross profit of $3.6 million was up 8% to prior year, and our six-month gross margin was 65.6%. Total operating expenses were $8.1 million for the six-month year-to-date period, up 12% from the same period last year. Higher legal and consulting fees, along with an increase in non-cash depreciation expense, drove the increase. Net loss attributable to common shareholders year-to-date was $4.4 million, up from $3.9 million in the same period last year. On a fully diluted basis, our net loss per share was $0.02 compared to a net loss per share of $45.30 for the same period last year.
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During the first quarter of 2025, the company completed a registered public offering of units and pre-funded units, consisting of common stock warrants and pre-funded warrants, resulting in gross proceeds of $14.4 million, providing us with plenty of dry powder to ramp up our sales and marketing efforts going forward.
Our cash and investments balance at the end of the quarter was $13 million. Looking forward, we’re focused on expanding our PERS and aging-in-place solutions, continuing to grow recurring revenue opportunities, and scaling institutional and government channels where we see strong demand signals.
With that, I’ll turn the call back over to the operator to open the lineup for questions.
QUESTIONSAND ANSWERS
Operator: Thank you so much. (Operator Instructions) And we have a question from the line of Marla Marin with Zacks. Please go ahead.
Marla Marin: Thank you. So it was a very strong quarter, and it sounds like the product mix is really starting to skew in a very good direction. Can you talk a little bit about your customer mix as you try to become a safety and security company for a broad range of demographics? Thank you.
Chia-Lin Simmons: Thank you so much for the question. So, I just want to make sure I reiterate the question. There was a little bit of a background noise there. The question was, can we speak to a little bit of the product mix in terms of channel mix as well? So today, we are still heavily skewed towards a government sector business with a growing interest and growth in sort of the B2B business. So in terms of mix, we are still much more heavily skewed towards our Medical Alerts PERS business as we sort of start to look at gaining growth and opportunities in terms of this personal safety space.
Obviously, Jeff has only very recently joined us. We are focused on trying to bring a new, I would call it, one segment over opportunities. And so today, a lot of the focus that Jeff is bringing on and our new Director of B2B Sales, Michelle, is bringing on is what I would call one adjacency business over. It’s in the categories of senior living, independent living, and all of those sort of category areas. That is, again, very similar to our traditional medical alerts product business. However, as we are looking at bringing on more marketing and business development and sales focus, you will see us continue to grow sort of areas where that seems a little bit more of a stretch into our safety category area for products like Aster.
And that would be, you know, potentially a focus on education space, for example, for Aster and some of these other areas. And so we are in the process, in the mix, Marla, of trying to build a business that is shifting towards and adding on more onto the safety category space. But it’s what we’ve been doing really well.
And so we continue to sort of drive towards that as we, again, want to make sure that we put the proper and the right amount of focus on the new category areas. So it is moving along, and a good clip that perhaps, you know, not as a clip that we are focused on today with the hires that we have, but we hope to sort of share more with you guys along those lines as well as we bring on more staff members that can actually help us with new category areas.
Marla Marin: Okay. That makes sense. Thank you. And then I have a follow-up housekeeping question. Obviously in the press, we’re hearing an awful lot about cutbacks and reduced funding to certain government agencies. In your ongoing discussions with the VA, a long-term partner, how confident are you that there will be no change there that might impact the company?
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Chia-Lin Simmons:It’s very hard to say whether or not we’re going to see no change. I mean, I think there will be change. To say that there’s no change would be crazy. I think that we will continue to see change within the VA as well as the government sector, and to be candid, I don’t know how much we can or can’t anticipate those aspects. We have not seen a slowdown in terms of the demand for the needs of the VA for their aging veterans population. The reality is that people continue to age, especially the veterans, and they still need the help that we provide, so we have not seen a slowdown there.
I think that when we look at, and this is based on just what we’ve ourselves seen in the news, so we don’t have any special sort of viewpoints and are not provided additional viewpoints from the VA, is that when we see changes within sort of the VA ecosystem, it has much more to do with administrative pieces of it, but less in terms of cutbacks necessarily for the veterans themselves at this point.
We have not seen the cutback in terms of veterans being able to be given a device that we’ve seen today, and you’ll notice I’m using very carefully the word as we see today. We don’t anticipate a slowdown because, again, there’s just a consistent sort of flow of people who are aging and needing help, and, you know, but do we think that there will be shifts and changes? Absolutely. Most likely in the category area of who we work with on a day-to-day to make orders and to facilitate probably more administrative work on the VA.
Marla Marin: Okay. Thank you very much.
Operator: Thank you so much. (Operator Instructions) As I see no further questions in the queue, I will turn the call back to Chia-Lin Simmons for closing remarks.
Chia-Lin Simmons: Thank you, [Carmen]. In closing, I want to reiterate that our mission at LogicMark is to make personal safety accessible and empower people to live with dignity and independence. Achieving that mission requires staying deeply connected to the evolving needs of the care and safety economy. As part of that effort, we’re wrapping up a survey and looking forward to sharing what we’ve learned soon with all of you.
I’m proud of how our team is executing by balancing innovation, operational rigor, and strategic focus. We’re excited about what’s ahead, and we’re grateful to our employees, customers, partners, and shareholders for their continued support. Thank you so much.
Operator: And this concludes our conference for today. Thank you all for participating, and you may now disconnect.
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