Solésence Fourth Quarter and Full-Year 2024 Financial Results Financial Highlights Solésence achieved record Q4 and full-year 2024 revenue, with significant profitability improvements, turning a net loss into net income Full-Year 2024 vs. 2023 Financial Performance | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $52.3 million | $37.3 million | +40% | | Gross Profit | $16.2 million | $7.8 million | +107% | | Gross Margin | 31% | 21% | +10 p.p. | | Net Income/(Loss) | $4.2 million | ($4.4 million) | N/A | Fourth Quarter 2024 vs. 2023 Financial Performance | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $12.6 million | $8.0 million | +57.5% | | Gross Profit | $2.8 million | $0.5 million | +460% | | Gross Margin | 22% | 6% | +16 p.p. | | Net Loss | ($0.6 million) | ($2.1 million) | +71.7% | Operational & Strategic Highlights Solésence executed key strategic initiatives, including rebranding, capacity expansion, new SKU launches, and plans a 2025 NASDAQ uplisting - The company plans to pursue an uplisting to the NASDAQ market in 2025 and is beginning the search for a dedicated Chief Financial Officer4 - Initiated expansion of batch-making capabilities, increasing capacity to support over $200 million in annual revenue from the consumer products line16 - The company rebranded as Solésence, Inc. to reflect its consumer products strategy and launched a new investor relations website7 - Operational achievements include producing double the unit volume in Q4 2024 compared to Q4 2023 and launching over two dozen new SKUs16 Consolidated Financial Statements Consolidated financial statements detail significant asset growth and a turnaround from net loss to net income in 2024, driven by revenue and margin improvements Consolidated Balance Sheets Total assets grew to $50.0 million by December 31, 2024, driven by inventories and receivables, with stockholders' equity improving to $14.9 million Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash | $1,409 | $1,722 | | Inventories, net | $20,267 | $10,031 | | Total current assets | $29,348 | $16,302 | | Total assets | $50,002 | $32,881 | | Total current liabilities | $25,773 | $21,589 | | Total liabilities | $35,056 | $30,979 | | Total stockholders' equity | $14,946 | $1,902 | Consolidated Statements of Operations Full-year 2024 net revenue increased 40% to $52.3 million, resulting in $4.2 million net income and $0.07 diluted EPS, reversing a prior-year net loss Consolidated Statement of Operations - Full Year (in thousands, except per share data) | Metric | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net Revenue | $52,347 | $37,297 | | Gross Profit | $16,188 | $7,825 | | Income/(Loss) from Operations | $5,132 | ($3,546) | | Net Income/(Loss) | $4,235 | ($4,384) | | Net Income per Share-diluted | $0.07 | ($0.09) | Consolidated Statement of Operations - Fourth Quarter (in thousands, except per share data) | Metric | Three Months Ended Dec 31, 2024 | Three Months Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net Revenue | $12,567 | $8,011 | | Gross Profit | $2,766 | $471 | | Income/(Loss) from Operations | ($223) | ($1,897) | | Net Loss | ($558) | ($2,122) | | Net Loss per Share-diluted | ($0.01) | ($0.04) | Non-GAAP Reconciliation (Adjusted EBITDA) Adjusted EBITDA for full-year 2024 was $6.8 million, a significant improvement from a $2.0 million loss in 2023, reflecting positive underlying profitability Adjusted EBITDA Reconciliation (in thousands) | Period | Net Income/(Loss) | Adjusted EBITDA | | :--- | :--- | :--- | | Full Year 2024 | $4,235 | $6,784 | | Full Year 2023 | ($4,384) | ($2,029) | | Q4 2024 | ($558) | $253 | | Q4 2023 | ($2,122) | ($1,499) |
Solesence Inc(SLSN) - 2024 Q4 - Annual Results