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SenesTech | 8-K: SenesTech Announces Second Quarter 2024 Financial Results

SEC ·  Aug 8, 2024 16:11

Summary by Futu AI

SenesTech achieved record Q2 2024 revenues of $459,000, up 50% YoY, with first-half revenues reaching $874,000, representing a 62% increase from H1 2023. Gross margins improved to 54% in Q2 2024 from 47% in Q1, reaching a record high of 67% in June. The company reported a reduced net loss of $1.6 million compared to $2.0 million in Q2 2023.The Evolve product line, launched in early 2024, has become the company's biggest revenue generator, contributing approximately 60% of year-to-date sales. Key growth initiatives include launches on major online platforms like Amazon.com, introduction of Evolve Mouse, new distribution agreements, and expanded retail presence through manufacturer's representative agencies targeting 23 retail chains.The company has strengthened its market position through new packaging options using 87% less plastic, and engagement with major brick-and-mortar retailers. With $2.0 million in cash at quarter-end and the smallest quarterly adjusted EBITDA loss in company history, SenesTech is progressing toward its near-term goal of breakeven operations.
SenesTech achieved record Q2 2024 revenues of $459,000, up 50% YoY, with first-half revenues reaching $874,000, representing a 62% increase from H1 2023. Gross margins improved to 54% in Q2 2024 from 47% in Q1, reaching a record high of 67% in June. The company reported a reduced net loss of $1.6 million compared to $2.0 million in Q2 2023.The Evolve product line, launched in early 2024, has become the company's biggest revenue generator, contributing approximately 60% of year-to-date sales. Key growth initiatives include launches on major online platforms like Amazon.com, introduction of Evolve Mouse, new distribution agreements, and expanded retail presence through manufacturer's representative agencies targeting 23 retail chains.The company has strengthened its market position through new packaging options using 87% less plastic, and engagement with major brick-and-mortar retailers. With $2.0 million in cash at quarter-end and the smallest quarterly adjusted EBITDA loss in company history, SenesTech is progressing toward its near-term goal of breakeven operations.

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