RiceBran Technologies(RIBT) - 2023 Q3 - Quarterly Report

Financial Performance - Revenues for the third quarter of 2023 were $4.8 million, a decrease of $1.8 million or 26.8% from $6.6 million in the third quarter of 2022 [90]. - Revenues for the first nine months of 2023 were $17.0 million, a decrease of $2.2 million or 11.7% from $19.2 million in the same period of 2022 [95]. - Loss from continuing operations for the third quarter of 2023 was $1.8 million, or $0.26 per share, compared to $2.0 million, or $0.29 per share, in the third quarter of 2022 [94]. - Loss from continuing operations for the first nine months of 2023 was $5.1 million, or $0.77 per share, compared to $5.4 million, or $1.03 per share, in the same period of 2022 [99]. Gross Loss - The gross loss for the third quarter of 2023 decreased by $0.1 million or 15.5% compared to the third quarter of 2022, attributed to the rationalization of less profitable business [91]. - The gross loss for the first nine months of 2023 improved by 47.9% to $0.5 million from a gross loss of $1.0 million in the first nine months of 2022 [96]. Expenses - Selling, general and administrative (SG&A) expenses were $1.2 million in the third quarter of 2023, a decrease of $0.2 million or 12.7% from $1.4 million in the third quarter of 2022 [92]. - SG&A expenses increased by $0.3 million or 8.3% to $4.3 million in the first nine months of 2023 compared to $4.0 million in the same period of 2022 [97]. Cash Position - As of September 30, 2023, the company had $0.5 million in cash and equivalents, a decline of $0.6 million from December 31, 2022 [100]. - The company believes the recent financing will be adequate to fund its planned operations over the next twelve months [103].