ITAD firm Echo reported a revenue record for the second quarter this year, despite overall company profits being down at parent company Envela.
Echo, which is part of the company’s commercial division, brought in $13.3 million for the second quarter of 2024, a year-over-year increase of 16.2%.
In addition, operating expenses decreased 12.8%, to $5.4 million, which is “a carry forward of our strategy to maintain a disciplined production and overhead expense structure,” the company’s Securities Exchange Commission filing noted.
“Our strategy is to expand both organically and through acquisitions,” the company wrote. “The company has taken considerable steps to bolster its management team and operating systems to position itself for growth.”
Envela also operates in the pre-owned luxury jewelry industry, which brought in $32 million for the second quarter of 2024, a decrease of 19.3% year over year. Overall, the company saw Q2 revenue of $45.3 million, down 11.4% compared to the prior-year quarter.
