By Dean Seal
MKDWELL Tech issued a going-concern warning and said that mounting losses have raised substantial doubts about its ability to keep operating.
The automotive electronics manufacturer on Tuesday said it's uncertain if it can reduce or cut its net losses in the foreseeable future.
"We cannot assure that we will be successful in completing an equity or debt financing or in achieving or maintaining profitability in the near term," the company said.
MKDWELL went public after combining with a blank-check company over the summer. The company said Tuesday that management was preoccupied with the business combination earlier this year and is now shifting its focus toward business and customer development.
The company also terminated a key customer relationship during the past year due to a mismatch in pricing expectations, weighing on revenue for the six months that ended June 30. In that time, the company's net loss increased to $1.7 million from $760,000 in the same period a year earlier.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 31, 2024 16:34 ET (21:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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