Core Highlights: - Net loss was $7.7 million for the nine months ended September 30, 2024 compared to $21.8 million for the same period in 2023 - Gross profit margin was 50.7% for the nine months ended September 30, 2024 compared to 31.9% for the same period in 2023 - Total revenue was $2.6 million for the nine months ended September 30, 2024 compared to $3.9 million for the same period in 2023
Revenue Breakdown: - Platform subscriptions and services revenue was $1.4 million for the nine months ended September 30, 2024, a decrease of $1.0 million or 41.2% from the same period in 2023 - Application transaction revenue was $1.2 million for the nine months ended September 30, 2024, a decrease of $0.3 million or 20.0% from the same period in 2023
Management Outlook: There were no direct management commentary or outlook statements from management included in the filing.
Operating Data: Other Key Operating Data: - $10.6 million of cash used in operating activities for the nine months ended September 30, 2024 - $42.2 million of cash provided by financing activities, primarily from issuance of common stock, for the nine months ended September 30, 2024 - As of September 30, 2024, cash and cash equivalents was $35.5 million Based on the current cash position of $35.5 million and net loss of $7.7 million for the nine months ended September 30, 2024, at the current net cash burn rate, the existing cash would support operations for approximately 14 quarters (3.5 years).
Operational Risks: Key risk factors disclosed include: - Concentration of accounts receivable with a few major customers - Risk of delisting from Nasdaq if company fails to regain compliance with listing requirements - Going concern disclosure noting the financial statements were prepared assuming the company will continue as a going concern - Ongoing litigation with risks of unfavorable outcomes

Original Filing