Summary by Futu AI
Nukkleus Inc. reported Q3 2024 financial results, with total revenue decreasing 96.6% year-over-year to $175,214. The significant decline was primarily due to the termination of its General Service Agreement with TCM effective January 1, 2024. Net loss widened to $1.62 million from $1.21 million in Q3 2023.Financial services revenue fell 57.5% to $175,214, while cost of financial services dropped 92.8% to $49,738. The company's gross profit from financial services was $125,476, compared to a gross loss of $283,018 in Q3 2023. Operating expenses increased to $1.52 million from $1.05 million last year, mainly due to higher professional fees.Nukkleus ended the quarter with $6,138 in cash and a working capital deficit of $11.42 million. Management noted substantial doubt about the company's ability to continue as a going concern, citing the need to raise additional capital, implement its business plan, and generate significant revenues. The company is exploring financing options and strategic opportunities to address liquidity concerns.
