Financial Performance - Scanner sales revenue for Q3 2024 was $0.9 million, with a gross margin of 65%[1] - Total commercial revenue for Q3 2024 was $1.0 million, down from $1.7 million in Q2 2024 and less than $0.1 million in Q3 2023[7] - Net loss for Q3 2024 was $3.6 million, compared to a net loss of $1.4 million in Q3 2023[7] - Non-GAAP Adjusted EBITDA for Q3 2024 was $(2.2) million, compared to $(0.6) million in Q3 2023[7] - The company reported a net loss of $9,166,000 for the nine months ended September 30, 2024, compared to a net loss of $4,589,000 for the same period in 2023, indicating an increase in losses of approximately 99.5%[19] Financing Activities - The company completed a $2.56 million PIPE financing, executed by the Board of Directors, at a 10% premium to the prior five-day average trading price[4] - The principal balance of the convertible note was reduced to $8.6 million after a payment of approximately $1.5 million[3] - The company raised $10,525,000 from long-term debt financing during the nine months ended September 30, 2024[19] Assets and Liabilities - As of September 30, 2024, total assets increased to $6,960,000 from $6,706,000 as of December 31, 2023, representing a growth of approximately 3.78%[18] - Cash and restricted cash and cash equivalents at the end of the period were $1,564,000, up from $54,000 at the end of the same period last year, reflecting a significant increase[19] - Total current liabilities decreased to $5,433,000 from $7,338,000, a reduction of approximately 26%[18] - Long-term debt increased significantly to $3,469,000 from $96,000, marking an increase of over 3,500%[18] Inventory and Operations - Operating cash used in Q3 2024 was $1.9 million, compared to $0.4 million in Q3 2023[7] - The company experienced a decrease in inventory from $4,418,000 to $3,182,000, a reduction of approximately 28%[18] - The company shipped two QT Breast Acoustic CT Scanners to clinical sites during Q3 2024, contributing to revenue growth[3] Future Plans and Development - The company plans to maintain revenue delivery in Q4 2024 at the same pace as previous quarters, with an expected higher gross margin[11] - The company plans to commercialize the QT Imaging Breast Acoustic CT™ Scanner and expand its product offerings, with a focus on large-scale manufacturing and further development[20] - The company signed a third-year renewal of its five-year research grant from the NIH/NCI during Q3 2024[8] Strategic Focus - Adjusted EBITDA is not provided due to the inability to forecast the most directly comparable GAAP measure without unreasonable effort[29] - The company emphasizes the importance of medical imaging for disease detection and treatment, aiming to improve global health outcomes through innovative body imaging systems[31]
GigCapital5(GIA) - 2024 Q3 - Quarterly Results