Financial Performance - The company reported a net loss of 7.1millionforQ32024,improvingfromanetlossof10.4 million in Q3 2023, resulting in a loss of 1.53perdilutedshare[2].−AdjustedEBITDAforQ32024wasalossof2.3 million, an improvement of 1.0millioncomparedtoQ32023[3].−TotalrevenueforQ32024was2,014,000, a significant increase from 306,000inQ32023,representingagrowthof5581,617,000 in Q3 2024, compared to 206,000inQ32023,markinga684224,000 in Q3 2024 from 38,000inQ32023,reflectingagrowthof489(2,348,000), an improvement from (3,373,000)inQ32023[15].−NetlossforQ32024was(7,141,000), compared to (10,408,000)inQ32023,indicatingareductioninlossesby3129,172, compared to a loss of 39,971in2023,representinga27.18,909 from 13,561,reflectinga34.52.0 million, representing a growth of 325% compared to Q2 2024[1]. - The company expects to generate 2.4millioninrevenueforQ42024[1].AssetsandLiabilities−TotalcurrentassetsasofSeptember30,2024,were10,240,000, up from 5,356,000attheendof2023[17].−Totalliabilitiesincreasedto31,961,000 as of September 30, 2024, compared to 22,354,000attheendof2023[17].CashPosition−ThecompanyendedQ32024with2.3 million in cash, following a capital raise in July[4]. - Cash and restricted cash at the end of the period increased to 2,269from30, showing a significant improvement[18]. Stockholder Information - Stockholders' equity was reported at 5.8millionattheendofQ32024,exceedingtheNasdaqrequirementof2.5 million[4]. - The weighted average common stock outstanding increased to 4,653,452 shares as of September 30, 2024, compared to 354,656 shares in Q3 2023[16]. Operational Changes - The company has transitioned to primarily selling to commercial customers (B2B) following the acquisition of CLMBR, Inc.[14]. - The company will no longer report certain key operational metrics related to a direct-to-consumer business model due to its shift in focus[14]. - The company is actively pursuing additional acquisitions and plans to communicate more details in the future[4]. Expenses - Research and development expenses for Q3 2024 were 2,212,000,slightlydownfrom2,357,000 in Q3 2023[16]. - Stock-based compensation decreased to 9,448from23,773, a reduction of 60.3%[18]. Other Financial Metrics - The company reported a gross loss of (288,000)inQ32024,animprovementfrom(1,123,000) in Q3 2023[16]. - Net cash provided by financing activities was 12,947,downfrom14,656 in the previous year, indicating an 11.6% decline[18]. - The acquisition of business resulted in cash payments of 1,447,whichwasnotpresentinthepreviousyear[18].−Proceedsfromtheissuanceofcommonstockandpre−fundedwarrantsuponofferingtotaled4,510, down from 10,820,adecreaseof58.31,054, which was not applicable in the previous year[18]. - Non-cash investing and financing activities included the issuance of common stock and series B preferred stock for the acquisition of business valued at $3,969[18].
