SenesTech(US:SNES)2024-11-12 21:06Revenue Growth - Revenues reached $1.4 million in the first nine months of 2024, a 51% increase compared to the same period in 2023[1] - Revenues for the three months ended September 30, 2024, increased to $482,000, up 34% from $360,000 in the same period of 2023[19] - E-commerce sales increased approximately 20% in Q3 2024 compared to Q3 2023, representing about 35% of year-to-date 2024 sales[2] Gross Margin and Profit - Gross margin improved to 65% in Q3 2024 from 49% in Q3 2023, with gross profit dollars increasing by 79%[1] - Gross profit for the nine months ended September 30, 2024, was $699,000, representing a 70% increase compared to $410,000 for the same period in 2023[19] Operating Expenses - Operating expenses decreased by 12% in Q3 2024 compared to Q3 2023, reflecting tight expense control[1] - Selling, general and administrative expenses decreased to $1,411,000 for the three months ended September 30, 2024, down 19% from $1,748,000 in the same period of 2023[19] - Total operating expenses for the nine months ended September 30, 2024, were $5,691,000, down 11% from $6,406,000 in the same period of 2023[19] Product Performance - Evolve Rat product contributed approximately 52% of Q3 2024 revenue, with sales increasing by 11% compared to Q2 2024[2] - Evolve Mouse, launched in May 2024, contributed 17% of Q3 2024 revenue[2] - New product packaging launched for Evolve uses 87% less plastic than traditional pails, enhancing gross margins[3] Financial Loss and Adjusted EBITDA - The net loss for the three months ended September 30, 2024, was $1,513,000, a reduction of 22% compared to a net loss of $1,947,000 in the same period of 2023[19] - Adjusted EBITDA loss for the three months ended September 30, 2024, was $1,418,000, an improvement from a loss of $1,787,000 in the same period of 2023[20] Future Outlook - The Company expects to achieve cash flow breakeven in the near term due to accelerating revenue growth and improved gross margins[4] - The Company is negotiating with New York City for a rat contraception pilot program, responding to city requests[3] Other Financial Metrics - Research and development expenses for the three months ended September 30, 2024, rose to $451,000, a 19% increase from $379,000 in the prior year[19] - Weighted average shares outstanding for the three months ended September 30, 2024, increased significantly to 729,400 from 34,805 in the same period of 2023[19] - Loss per share for the three months ended September 30, 2024, was $(2.07), compared to $(55.93) in the same period of 2023[19] - Other income for the three months ended September 30, 2024, increased to $34,000, compared to $4,000 in the same period of 2023[19]