TOMI Environmental Solutions(TOMZ) - 2025 Q1 - Quarterly Results

Financial Performance - For the year ended December 31, 2024, total net sales increased by 5% to $7,739,000 compared to$ 7,355,000 in 2023[8] - Non-GAAP gross sales for the year were $7,966,000, reflecting a 6% increase from$ 7,483,000 in the previous year[8] - GAAP net loss for the year was $(4,477,000) or$ (0.22) per share, compared to $(3,403,000) or$ (0.17) per share in 2023[8] - SteraMist product-based revenues increased to $6,035,000 for the year, up from$ 5,781,000 in 2023, driven by higher demand for mobile and SIS units[8] - Net sales for the year ended December 31, 2024 were $7,738,842, an increase of 5.2% compared to$ 7,354,564 in 2023[30] - Gross profit for the year ended December 31, 2024 was $3,557,078, down 17.1% from$ 4,289,536 in 2023[30] - The net loss for the year ended December 31, 2024 was $4,476,762, compared to a net loss of$ 3,402,592 in 2023, representing an increase in loss of 31.6%[30] - Non-GAAP gross profit for the year ended December 31, 2024 was $4,789,078, an increase of 8.4% from$ 4,417,926 in 2023[31] - Non-GAAP net loss for the year ended December 31, 2024 was $2,049,912, compared to$ 2,838,399 in 2023, indicating a decrease in loss of 28%[31] Revenue Growth - International revenue grew by 33% for the year, supported by new customers in Canada, South Africa, and India[8] - Preliminary Q1 2025 revenues are expected to be approximately $1,577,000, a 42% increase from$ 1,114,000 in Q1 2024[19] - Sales backlog increased to $1,232,000 as of March 31, 2025, representing a 40% increase from December 31, 2024[19] Operational Metrics - The gross margin for the year was 46%, down from 58% in the prior year, while non-GAAP gross margin was 60%, up from 59%[8] - Operating expenses increased to$ 7,661,838 for the year ended December 31, 2024, compared to $7,638,813 in 2023, reflecting a slight increase of 0.3%[31] Assets and Liabilities - Total assets decreased from$ 13,357,614 in December 31, 2023 to $9,693,738 in December 31, 2024, a decline of approximately 27.5%[24] - Total liabilities increased from$ 4,998,720 in December 31, 2023 to $5,594,799 in December 31, 2024, an increase of approximately 11.9%[28] - Cash and cash equivalents decreased significantly from$ 2,339,059 in December 31, 2023 to $664,879 in December 31, 2024, a decline of about 71.6%[24] - Total shareholders' equity decreased from$ 8,358,894 in December 31, 2023 to $4,098,939 in December 31, 2024, a decline of approximately 51%[28] Future Outlook - The company anticipates continued improvement in 2025, driven by a strong pipeline and high-margin solution sales[9] - The company expanded partnerships with six new partners across various regions, enhancing its global distribution capabilities[8]