Company Overview - Sharps Technology, Inc. is an innovative medical device and pharmaceutical packaging company that offers patented, best-in-class smart-safety syringe products to the healthcare industry [2] - The company's product lines focus on ultra-low waste capabilities and incorporate both passive and active safety features in syringe technologies [2] - Sharps Technology also provides products designed with specialized copolymer technology to support the prefillable syringe market segment [2] - The company operates a manufacturing facility located in Hungary [2] Presentation Details - Robert Hayes, the CEO of Sharps Technology, is scheduled to present at the Aegis Capital Corp. 2025 Virtual Conference on May 22, 2025, at 1:00 p.m. ET [1][4] - The presentation will be webcasted, allowing broader access to stakeholders and interested parties [1][4]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Exact name of registrant as specified in its charter) of incorporation or organization Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-41355 Sharps Technology, Inc. (I.R.S. Employer Identification No.) 105 Maxess Road, Melville, ...

Sharps also received an initial qualification purchase order for DisGard™ single-use Sharps Recovery System Company transitions to revenue producing with second purchase order, bringing total recent orders to approximately $500,000 for the quarter NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (NASDAQ: “STSS” and “STSSW”) (“Sharps”), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class smart-safety syringe products to the healthcare industry ...

Core Insights - Sharps Technology has received a $400,000 purchase order, marking its first commercial revenue under a previously announced $50 million supply agreement for 500 million syringes [1][2] - The initial order is part of a five-year contract to supply customized 10mL SoloGard syringes to a U.S. supplier of medical saline and water products, expected to generate approximately $50 million in revenue [2][3] - The company has invested in advanced production technology to enhance manufacturing efficiency and meet the anticipated demand under the agreement [3][4] Company Overview - Sharps Technology specializes in innovative medical devices and pharmaceutical packaging, focusing on patented smart-safety syringe products [5] - The company emphasizes ultra-low waste capabilities and incorporates both passive and active safety features in its syringe technologies [5] - Sharps operates a manufacturing facility in Hungary, which is prepared to deliver the initial orders of syringes [2][5] Strategic Partnerships and Investments - The company has formed strategic partnerships with Husky Medical Molds and BBS Automation to enhance manufacturing efficiency through precision molding and advanced automation [4] - These collaborations aim to streamline production processes while ensuring superior quality for the SoloGard syringe systems [4] - The investments in best-in-class manufacturing equipment position Sharps to offer differentiated high-volume syringe production [1][4]

Core Points - Sharps Technology, Inc. will implement a 1-for-300 reverse stock split effective April 27, 2025, to comply with Nasdaq's minimum bid price requirement [1][2] - The reverse split will reduce the authorized common shares from 500,000,000 to 1,666,667, and it was approved by the Board without shareholder consent [3] Company Overview - Sharps Technology is a medical device and pharmaceutical packaging company that specializes in patented smart-safety syringe products aimed at the healthcare industry [4] - The company focuses on ultra-low waste capabilities and incorporates both passive and active safety features in its syringe technologies [4] - Sharps also produces products designed with specialized copolymer technology for the prefillable syringe market segment and operates a manufacturing facility in Hungary [4]

Financial Performance - The company incurred net losses of $9,296,202 and $9,841,638 for the years ended December 31, 2024 and 2023, respectively[129]. - The company has not generated any revenue to date[170]. - Annual revenue for the most recently completed fiscal year was less than $100 million, allowing the company to maintain its smaller reporting company status[183]. Revenue Generation and Offerings - The company generated no revenue since its inception in 2017 until the fourth quarter of 2022, when it began building inventory of syringe products[129]. - The company raised approximately $20.0 million in gross proceeds from the 2025 Offering, with net proceeds of approximately $18.2 million after expenses[133]. - The 2025 Offering included 14,285,714 units, generating gross proceeds of $12.6 million from Common Units and $7.4 million from Pre-Funded Units[134]. - The company completed an Initial Public Offering on April 19, 2022, raising net proceeds of approximately $14.2 million[132]. - The company entered into a securities purchase agreement on September 20, 2024, for an aggregate principal amount of $4,375,000, resulting in gross proceeds of approximately $3.5 million[138]. Expenses and Financial Position - The company has incurred significant research and development expenses, primarily related to its syringe products, and expects these expenses to increase in the foreseeable future[131]. - Research and Development (R&D) expenses increased to $2,471,762 in 2024 from $1,605,547 in 2023, representing a 54% increase[171]. - General and Administrative (G&A) expenses decreased to $7,154,948 in 2024 from $8,521,103 in 2023, a reduction of 16%[172]. - Net interest expense changed from income of $138,118 in 2023 to an expense of $1,664,712 in 2024, a change of 1,305%[173]. - Cash balance decreased to $864,041 in 2024 from $3,012,908 in 2023, indicating a significant reduction in liquidity[176]. - Working capital deficit increased to $2,011,678 in 2024 from a working capital of $1,145,569 in 2023[176]. - Net cash used in operating activities was $6,929,545 in 2024, down from $8,507,300 in 2023[178]. - Net cash used in investing activities increased to $1,163,137 in 2024 from $698,277 in 2023[179]. - Net cash provided by financing activities decreased to $5,907,407 in 2024 from $8,029,628 in 2023[180]. Compliance and Regulatory Status - The company received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, and is awaiting a hearing date for its appeal[141]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of various reporting exemptions[181]. - The company will cease to be an emerging growth company if annual gross revenue exceeds $1.07 billion or if the market value of common stock held by non-affiliates exceeds $700 million[182]. - The company is also a "smaller reporting company," with a market value of stock held by non-affiliates and gross proceeds from the IPO being less than $700 million[183]. - As a smaller reporting company, the company may present only the two most recent fiscal years of audited financial statements in its Annual Report on Form 10-K[183]. - The company intends to utilize exemptions from certain disclosure requirements available to both emerging growth and smaller reporting companies[183]. - The company has not issued more than $1.0 billion in non-convertible debt securities in the previous three-year period[182]. - The company may face a less active trading market for its common shares if investors find the reduced disclosures less attractive[182]. - The company is not required to provide quantitative and qualitative disclosures about market risk as a smaller reporting company[184]. Distribution Agreement - The company has a distribution agreement that was mutually terminated on February 5, 2025, with no economic benefit obtained from it[140].

Core Viewpoint - The company emphasizes the importance of shareholders voting 'FOR' the proposed reverse stock split to maintain its Nasdaq listing and avoid delisting to the OTC Markets [1][4][6]. Group 1: Importance of Voting - A positive shareholder vote is crucial for Sharps Technology to comply with Nasdaq's minimum bid price requirement of $1.00 per share [7]. - The company has scheduled a special shareholder meeting on March 28, 2025, urging shareholders to submit their proxy votes beforehand [5]. - The Board of Directors unanimously supports the reverse stock split proposal and encourages all shareholders to vote in favor [5][6]. Group 2: Consequences of Delisting - Failure to approve the reverse stock split could lead to delisting from Nasdaq, resulting in trading on the OTC Markets, which may significantly reduce liquidity [2][4]. - Delisting could adversely affect the value of the company's securities and complicate trading volume, making it harder for investors to buy and sell shares [6][8]. - Maintaining a Nasdaq listing is essential for sustaining interest from analysts and brokers, which is vital for the company's growth initiatives [6][8]. Group 3: Reverse Stock Split Process - If approved, the reverse stock split will reduce the number of outstanding shares while maintaining the same percentage interest for shareholders [7]. - This mechanism is often used by companies to regain compliance with exchange listing requirements [7]. - The company has filed a Definitive Proxy Statement with the SEC regarding the reverse stock split proposal [8]. Group 4: Company Overview - Sharps Technology is a medical device and pharmaceutical packaging company specializing in patented syringe products with safety features [9]. - The company focuses on ultra-low waste capabilities and has a manufacturing facility in Hungary [9].

Core Insights - The company has successfully raised $20 million in financing, which has strengthened its balance sheet and allowed it to pay down debt to zero, positioning it for growth in 2025 and beyond [1] - The company is focused on advancing operations in Hungary through agreements for SoloGard and SecureGard products, while also pursuing business development initiatives in the U.S. [1] Group 1: Financial Position and Strategy - The recent financing provides working capital for operating and capital expenditures, enabling the company to enhance manufacturing capabilities and accelerate qualification and shipments under existing agreements [1] - The company aims to drive revenue from its agreements and is committed to strategic growth, operational efficiency, and value creation [1] Group 2: Product Development and Agreements - A five-year agreement with a U.S. medical products company for SoloGard syringes is expected to generate approximately $50 million over its lifetime, with revenue generation anticipated in the second half of 2025 [2] - Deliveries for SecureGard safety syringes have commenced for qualification purposes in Europe, particularly with Penta Hospitals International, the largest hospital chain in Central and Eastern Europe [3] Group 3: Manufacturing Expansion - The financing allows the company to expand operations in Hungary by adding advanced machinery and increasing workforce to meet the growing demand for its products [4] - The company is collaborating with government and private investment sources in Hungary to enhance its manufacturing footprint [4] Group 4: Market Demand and Innovation - There is a growing demand for innovative injection solutions, with injectables being the preferred delivery method for various therapies, including vaccines and biologics [5] - The company is committed to advancing innovation in the syringe space and will continue to update stakeholders on its expansion efforts [5] Group 5: Future Growth Opportunities - The company is focused on driving significant revenue from both SecureGard and SoloGard projects, with early production on track for the second half of 2025 [7] - SecureGard shipments are expected to begin in the second quarter of 2025, indicating a positive revenue transition for the company [7]

Core Insights - The company has successfully closed a $20 million financing round, strengthening its balance sheet and eliminating debt, positioning it for growth in 2025 and beyond [1] - Strategic agreements for SoloGard and SecureGard products are expected to drive revenue, with initial revenue generation anticipated in the second half of 2025 [2][3][8] Financing and Financial Position - The $20 million financing will be utilized for operating and capital expenditures, enhancing the company's financial stability [1] - The company has paid down its debt to zero, improving its balance sheet significantly [1] Product Development and Agreements - A five-year agreement with a U.S. medical products company aims to supply at least 500 million SoloGard syringes, potentially generating around $50 million [2] - Deliveries for SecureGard safety syringes have commenced, with qualification processes underway with major healthcare networks in Europe, including Penta Hospitals International [3] Manufacturing and Expansion - The company is expanding its manufacturing capabilities in Hungary, adding advanced machinery and increasing workforce to meet rising demand for its products [4] - Collaborations with government and private investment sources in Hungary are ongoing to enhance manufacturing capacity [4] Market Demand and Innovation - There is a growing demand for innovative injection solutions, particularly in areas such as vaccines and biologics, which the company aims to capitalize on [5] - The company is committed to advancing innovation in the syringe market, focusing on ultra-low waste capabilities and safety features [10] Strategic Partnerships - Negotiations for a manufacturing project in South Carolina are ongoing, with the company actively seeking partners to expand U.S. capacity [6]

Core Viewpoint - Sharps Technology, Inc. has successfully closed a public offering, raising approximately $20.0 million in gross proceeds before expenses [1]. Group 1: Offering Details - The offering included 14,285,714 Common Units, each comprising one share of Common Stock or one Pre-Funded Warrant, along with Series A and Series B Registered Common Warrants, both with an exercise price of $1.75 [2]. - The public offering price per Common Unit was set at $1.40, with Pre-Funded Units priced at $1.3999 [2]. - Aegis Capital Corp. was granted a 45-day option to purchase additional shares and warrants, with Aegis exercising this option for 2,142,857 Series A and Series B Warrants on the closing date [3]. Group 2: Company Background - Sharps Technology is an innovative medical device and pharmaceutical packaging company, focusing on patented smart-safety syringe products that emphasize ultra-low waste capabilities [6]. - The company operates a manufacturing facility in Hungary and is collaborating with Nephron Pharmaceuticals to enhance its manufacturing capacity in the U.S. [7].