INNO Holdings, a Texas-based construction products and services company, reported a decrease in quarterly revenue for the period ended June 30, 2024. Revenue fell by 56% to $45,682 compared to $104,058 for the same period in 2023. The company attributed the decline to the completion of fewer projects within the quarter. Operating loss improved by 31% to $1,034,437, down from $1,493,807 year-on-year, primarily due to a significant reduction in bad debt expense. Net loss for the quarter was $1,050,881, a 30% improvement from the previous year's $1,511,805. For the nine-month period, revenue decreased by 21% to $395,495 from $501,672 in the previous year, while net loss remained relatively stable at $2,962,072 compared to $2,971,728. The company's cash position strengthened, with cash on hand of $1,890,903 as of June 30, 2024, up from $4,898 on September...Show More

INNO Holdings, a Texas-based construction products and services company, reported a decrease in quarterly revenue for the period ended June 30, 2024. Revenue fell by 56% to $45,682 compared to $104,058 for the same period in 2023. The company attributed the decline to the completion of fewer projects within the quarter. Operating loss improved by 31% to $1,034,437, down from $1,493,807 year-on-year, primarily due to a significant reduction in bad debt expense. Net loss for the quarter was $1,050,881, a 30% improvement from the previous year's $1,511,805. For the nine-month period, revenue decreased by 21% to $395,495 from $501,672 in the previous year, while net loss remained relatively stable at $2,962,072 compared to $2,971,728. The company's cash position strengthened, with cash on hand of $1,890,903 as of June 30, 2024, up from $4,898 on September 30, 2023, largely due to proceeds from an initial public offering. Despite the improved cash position, management acknowledged the need to raise additional capital to fund operations over the next twelve months, raising substantial doubt about the company's ability to continue as a going concern. INNO Holdings is actively exploring new business opportunities with larger customers and has a backlog estimated between $14 million and $19 million, subject to project permit statuses and construction progress. The company's stock is at risk of being delisted from the Nasdaq if it cannot maintain the minimum bid price requirement, which could impact market liquidity and access to capital markets.