AquaBounty Technologies(AQB) - 2024 Q3 - Quarterly Results

Financial Performance - Net loss for Q3 2024 was $3.4 million, a significant decrease from $6.1 million in Q3 2023, primarily due to the sale of the Indiana farm[1] - Product revenues for Q3 2024 were $47,812, compared to $733,133 in Q3 2023, indicating a decline in sales[8] - Total costs and expenses for Q3 2024 were $2.4 million, down from $6.8 million in Q3 2023, reflecting cost reduction efforts[8] - Net loss for the nine months ended September 30, 2024, was $65,076,820, compared to a net loss of $19,132,927 for the same period in 2023, representing an increase of approximately 240%[10] - Basic and diluted net loss per share was $(0.88) for the nine months ended September 30, 2024, compared to $(1.60) for the same period in 2023, indicating a reduction in losses per share[10] Cash and Liquidity - Cash, cash equivalents, and restricted cash totaled $500 thousand as of September 30, 2024, down from $9.2 million as of December 31, 2023[1] - The company is actively seeking financing initiatives to maintain liquidity and has decided to sell the Rollo Bay farm to address immediate cash needs[2] - Cash, cash equivalents, and restricted cash at the end of the period were $500,434, down from $17,767,070 at the end of September 2023, reflecting a significant decrease in liquidity[10] - Net cash used in operating activities for the nine months ended September 30, 2024, was $12,699,856, a decrease from $18,462,994 in the prior year, indicating improved cash flow management[10] - Total cash used in investing activities was $2,716,880 for the nine months ended September 30, 2024, compared to a substantial outflow of $66,256,590 in the prior year[10] - Proceeds from the issuance of debt amounted to $6,759,257, a significant increase from $394,156 in the same period of 2023, indicating a shift in financing strategy[10] Asset and Liability Management - Total assets decreased to $117.8 million as of September 30, 2024, from $187.6 million as of December 31, 2023[7] - Total liabilities decreased to $17.7 million as of September 30, 2024, from $22.5 million as of December 31, 2023[7] - Long-lived asset impairment for the nine months ended September 30, 2024, was $48.7 million, highlighting significant financial challenges[8] - Long-lived asset impairment recorded was $48,733,222 for the nine months ended September 30, 2024, with no impairment reported in the same period of 2023[10] Operational Insights - Inventory increased by $1,265,142 during the nine months ended September 30, 2024, compared to an increase of $332,314 in the same period of 2023, suggesting potential growth in production or sales[10] - The weighted average number of common shares for basic and diluted calculations was 3,865,778 for the current period, slightly up from 3,846,622 in the prior year[10] - The company aims to stabilize its business in the short term while focusing on long-term value creation[2]