Applied DNA Sciences(APDN) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for Q1 fiscal 2025 were $1.2 million, a 34% increase from $891 thousand in Q1 fiscal 2024[10] - Net loss for the quarter was $2.7 million, compared to a net loss of $1.1 million in Q1 fiscal 2024[10] - Total revenues for the three months ended December 31, 2024, were $1,196,617, an increase of 34.3% compared to $891,164 in 2023[22] - Product revenues rose to $495,847, up 61.2% from $307,317 in the previous year[22] - Service revenues increased to $374,444, a growth of 51.5% compared to $247,147 in 2023[22] - Gross profit for the quarter was $684,107, significantly higher than $231,097 in the same period last year[22] - The net loss attributable to common stockholders was $17,456,635, compared to a loss of $1,182,857 in the prior year[22] - Net loss per share attributable to common stockholders improved to $(0.56) from $(1.73) year-over-year[22] - Consolidated Adjusted EBITDA loss for the quarter was $(2,888,877), an improvement from $(3,162,948) in the same period last year[24] - Adjusted EBITDA improved to negative $2.9 million, up from negative $3.2 million year-over-year[10] - Interest income increased to $71,440, up from $33,323 in the previous year[24] Operating Expenses and Workforce - Operating loss decreased to $3.0 million from $3.8 million in the same quarter last year[10] - Total operating expenses decreased to $3,648,108 from $4,020,163, a reduction of 9.2% year-over-year[22] - The company completed a workforce reduction of approximately 20%, leading to a 13% reduction in annual payroll costs, with one-time separation costs of about $300,000[3] Manufacturing and Product Development - The initial projected manufacturing capacity of the GMP Site 1 facility is approximately ten grams per annum, supporting potential annual revenues of $10 million to $30 million[6] - The company plans to prepare for initial orders of clinical grade materials from its GMP Site 1 facility in fiscal 2025[5] - The Linea DNA platform achieved its first-in-human clinical validation in a Phase I clinical trial for CAR-T therapy[6] - The TR8™ PGx testing service has been expanded to all 50 U.S. states following necessary certifications[4] Cash and Financial Position - Cash and cash equivalents as of December 31, 2024, were $9.3 million, including $5.7 million from a direct offering on October 31, 2024[10] - The weighted average shares outstanding increased significantly to 31,518,861 from 683,672 year-over-year[22]