Laser Photonics (US:LASE)2024-08-28 23:39Financial Performance - For the six months ending June 30, 2024, the company recognized revenue of $1,366,426, a decrease of $275,206 compared to $1,641,632 in the same period of 2023[59] - The net income for the same period was $(3,678,958), compared to $(1,936,499) in the same period of 2023, indicating a significant increase in losses[59] - EBITDA for the six months ending June 30, 2024, was $(3,235,119), compared to $(1,752,415) in the same period of 2023[60] - For the three months ending June 30, 2024, the company reported a Net Income (Loss) of $(2,113,562), compared to $(678,894) for the same period in 2023, indicating a significant increase in losses[65] - The EBITDA for the three months ending June 30, 2024, was $(1,855,039), compared to $(577,947) in 2023, reflecting a worsening operational performance[65] - Adjusted EBITDA for the six months ending June 30, 2024, was $(3,235,119), compared to $(1,752,415) in 2023, showing a decline in underlying business operations[65] Cash and Working Capital - The company had a total working capital of $5,048,680 as of June 30, 2024, down from $8,262,302 on December 31, 2023[56] - Cash at the end of the period was $2,747,633, a decrease from $9,884,543 in the previous year[55] Expenses and Investments - Selling and marketing expenses were increased in the first quarter of 2024 to support growth, despite the cyclical nature of capital equipment manufacturing[53] - Depreciation and Amortization expenses for the three months ending June 30, 2024, were $245,894, up from $100,947 in 2023, indicating increased asset usage or investment[65] - The company plans to continue investing in research and development to enhance existing technologies and develop new products[54] Supply Chain and Operations - The company experienced increased lead times for certain parts and components, particularly electronic components, due to supply chain constraints[49] Financial Strategy - The company did not have any off-balance sheet arrangements as of June 30, 2024, which may indicate a conservative financial strategy[66] - The company has not utilized any derivative financial instruments, suggesting a low-risk approach to financial management[67] - There were no borrowings reported, indicating that the company is not currently exposed to interest rate fluctuations[67] - The company operates solely within the United States, thus not affected by foreign currency fluctuations[67] - The company’s Adjusted EBITDA measure may differ from those of other companies, which could impact comparability[64] - The company believes that adequate controls are in place to monitor any hedging activities, despite not engaging in them[67] Product Development - The company is developing the CleanTech™ product line, aimed at making laser cleaning technology accessible to small businesses[48] - Approximately 92% of revenues for the first quarter of 2022 and 91% for the full 2021 fiscal year were derived from customers in materials processing[51]