Focus Universal Inc. reported financial results for fiscal year 2024, with revenue of $398,137 compared to $440,543 in 2023, and a net loss of $3.2 million versus $4.7 million in the prior year. The company's gross profit declined to $10,201 from $59,659, primarily due to increased inventory reserves for LED panel products.The company completed a strategic sale of its warehouse property for $7.46 million, generating a gain of $3.18 million. Operating expenses increased to $6.21 million from $5.01 million, driven by higher professional fees and general administrative costs. Research and development expenses rose to $1.38 million as the company continued investing in IoT technology development.Focus Universal strengthened its financial position with cash and equivalents of $3.61 million at year-end, up from $428,254 in 2023. The company made progress on key initiatives including its universal smart technology platform and financial reporting software development, while expanding its patent portfolio to 28 patents. Management remains focused on commercializing its proprietary technologies despite ongoing operational challenges.

Focus Universal Inc. reported financial results for fiscal year 2024, with revenue of $398,137 compared to $440,543 in 2023, and a net loss of $3.2 million versus $4.7 million in the prior year. The company's gross profit declined to $10,201 from $59,659, primarily due to increased inventory reserves for LED panel products.The company completed a strategic sale of its warehouse property for $7.46 million, generating a gain of $3.18 million. Operating expenses increased to $6.21 million from $5.01 million, driven by higher professional fees and general administrative costs. Research and development expenses rose to $1.38 million as the company continued investing in IoT technology development.Focus Universal strengthened its financial position with cash and equivalents of $3.61 million at year-end, up from $428,254 in 2023. The company made progress on key initiatives including its universal smart technology platform and financial reporting software development, while expanding its patent portfolio to 28 patents. Management remains focused on commercializing its proprietary technologies despite ongoing operational challenges.