Financial Performance - Revenues for Q2 2024 were 36million,a35811,000, a 479% improvement from Q2 2023[1] - Net loss for Q2 2024 decreased to 500,000,comparedtoalossof842,000 in Q2 2023[1] - Free cash flow for Q2 2024 was 800,000,animprovementof46770.2 million, a 35% increase from the same period in 2023[2] - Adjusted EBITDA for the first six months of 2024 was 1.4million,a76436,040,771, a 34.8% increase from 26,762,857inthesameperiodof2023[9]−GrossprofitforthesixmonthsendedJune30,2024,was9,559,113, compared to 7,719,577forthesameperiodin2023,reflectinga23.81,152,663, an improvement from a net loss of 1,793,552inthesameperiodof2023[10]CashFlowandExpenses−AsofJune30,2024,cashwas4.0 million with no bank debt[1] - Cash used in operating activities for the six months ended June 30, 2024, was (2,637,380),comparedtocashprovidedof1,020,975 in 2023[10] - Cash at the end of the period on June 30, 2024, was 4,000,899,downfrom7,775,113 at the end of the same period in 2023[10] - Operating expenses for the three months ended June 30, 2024, totaled 5,354,807,upfrom4,636,369 in 2023, indicating a 15.5% increase[9] - Share-based compensation expense for the six months ended June 30, 2024, was 783,741,significantlyhigherthan235,570 in 2023[10] Other Income and Contracts - The company was awarded a 254millioncontractmodificationbytheU.S.DepartmentofHomelandSecurity,increasingthecontractceilingto754 million[1] - The company was selected by the U.S. Navy as one of seven contractors for the 10-Year, 2.7billionSpiral4contract[1]−InterestincomeforthethreemonthsendedJune30,2024,increasedto51,725 from 19,245in2023,representinga168.5(22,140), an improvement from $(66,529) in the same period of 2023[9] Outlook - The company maintains a positive outlook for the remainder of the year, supported by promising sales developments and technological advancements[2] - Weighted-average shares outstanding for the three months ended June 30, 2024, increased to 9,390,154 from 8,794,704 in 2023[9]
