Koss Corporation reported fiscal year 2024 net sales of $12.3 million, down 6.4% from $13.1 million in FY2023, primarily due to a 24% decline in export sales and lower direct-to-consumer sales. Gross profit margin remained stable at 34.1%, while selling, general and administrative expenses decreased significantly to $6.1 million from $29.3 million in the prior year, mainly due to reduced legal fees.The company's domestic sales decreased marginally by less than 1% to $9.8 million, while direct-to-consumer sales through Amazon, representing 17% of total revenue, declined by 19.7%. The decrease was partially offset by a 50% increase in sales to E-tailers and improved U.S. distributor sales. Operating performance was impacted by continued sell-through of inventory received at higher freight costs.As of June 30, 2024, Koss maintained a strong financial position with $2.8 million in cash and cash equivalents, $12.1 million in short-term investments, and an available credit facility of $5.0 million. The company reported a net loss of $951,000 for FY2024, compared to net income of $8.3 million in the previous year which included $33 million in licensing proceeds.

Koss Corporation reported fiscal year 2024 net sales of $12.3 million, down 6.4% from $13.1 million in FY2023, primarily due to a 24% decline in export sales and lower direct-to-consumer sales. Gross profit margin remained stable at 34.1%, while selling, general and administrative expenses decreased significantly to $6.1 million from $29.3 million in the prior year, mainly due to reduced legal fees.The company's domestic sales decreased marginally by less than 1% to $9.8 million, while direct-to-consumer sales through Amazon, representing 17% of total revenue, declined by 19.7%. The decrease was partially offset by a 50% increase in sales to E-tailers and improved U.S. distributor sales. Operating performance was impacted by continued sell-through of inventory received at higher freight costs.As of June 30, 2024, Koss maintained a strong financial position with $2.8 million in cash and cash equivalents, $12.1 million in short-term investments, and an available credit facility of $5.0 million. The company reported a net loss of $951,000 for FY2024, compared to net income of $8.3 million in the previous year which included $33 million in licensing proceeds.