Firefly Neuroscience reported Q2 2024 revenue of $1.9 million, down 6% from $2.0 million in Q2 2023, primarily due to decreased professional services revenue. Gross profit declined 3.2% to $682,695, while gross margin improved slightly to 36.4%. The company posted an operating loss of $382,070 compared to operating income of $493,116 in the prior year quarter.The company significantly reduced operating expenses, with selling, general and administrative costs decreasing by $589,600 to $1.1 million, driven by lower acquisition costs, legal fees, and personnel expenses. As of June 30, 2024, Firefly had cash and equivalents of $244,137 and a working capital deficit of $746,040, raising substantial concerns about its ability to continue as a going concern.On August 12, 2024, the company completed its merger with Firefly Neuroscience 2023 and a concurrent $3.5 million private placement. The merged entity will focus on commercializing its FDA-cleared Brain Network Analytics platform for mental health diagnostics and treatment. Management expects continued negative cash flows as it invests in sales, marketing and platform development.

Firefly Neuroscience reported Q2 2024 revenue of $1.9 million, down 6% from $2.0 million in Q2 2023, primarily due to decreased professional services revenue. Gross profit declined 3.2% to $682,695, while gross margin improved slightly to 36.4%. The company posted an operating loss of $382,070 compared to operating income of $493,116 in the prior year quarter.The company significantly reduced operating expenses, with selling, general and administrative costs decreasing by $589,600 to $1.1 million, driven by lower acquisition costs, legal fees, and personnel expenses. As of June 30, 2024, Firefly had cash and equivalents of $244,137 and a working capital deficit of $746,040, raising substantial concerns about its ability to continue as a going concern.On August 12, 2024, the company completed its merger with Firefly Neuroscience 2023 and a concurrent $3.5 million private placement. The merged entity will focus on commercializing its FDA-cleared Brain Network Analytics platform for mental health diagnostics and treatment. Management expects continued negative cash flows as it invests in sales, marketing and platform development.