Blackboxstocks(US:BLBX)2024-08-15 21:11Financial Performance - For the six months ended June 30, 2024, the company reported revenue of $1,332,722, a decline of 16% compared to $1,589,638 for the same period in 2023[74] - The company incurred an operating loss of $1,718,823 for the six months ended June 30, 2024, compared to a loss of $3,378,103 for the same period in 2023, indicating improved operational efficiency[77] - Gross margins for the six months ended June 30, 2024, were 46%, up from 45% in the prior year, with cost of revenues decreasing to $713,975 from $874,606[75] - Operating expenses for the six months ended June 30, 2024, were reduced by 43% to $2,338,980 from $4,099,899 in the same period of 2023[76] - Average monthly revenue per subscriber increased to $74.30 for the six months ended June 30, 2024, from $70.53 in the prior year, driven by higher pricing strategies[74] Subscriber Metrics - Average subscribers for the three months ended June 30, 2024, decreased to 2,983 from 3,987 in the prior year, reflecting a reduction in user base[70] Cash Flow and Financing - The company had cash and marketable securities totaling $1,055,482 as of June 30, 2024, an increase from $475,652 at December 31, 2023[66] - Net cash provided by financing activities was $1,266,680 for the six months ended June 30, 2024, compared to net cash used of $29,622 in the prior year[67] Strategic Initiatives - The company is pursuing a planned acquisition of Evtec Aluminium, which is expected to enhance capital investment opportunities[63] - The company has implemented initiatives to improve cash flow, including new product development and revised marketing strategies[63] Regulatory and Reporting - As of June 30, 2024, the company reported no material off-balance sheet arrangements[82] - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures[82]