NovaBay(US:NBY)2025-11-07 21:01Revenue Performance - Product revenue increased by $0.5 million, or 100%, to $0.5 million for the three months ended September 30, 2025, with revenue derived from the wound care business sold to a Chinese distributor[216] - Product revenue increased by $0.5 million, or 100%, to $0.5 million for the nine months ended September 30, 2025, with revenue from the wound care business sold to a Chinese distributor[225] Expenses - General and administrative expenses decreased by $0.5 million, or 29%, to $1.2 million for the three months ended September 30, 2025, primarily due to reduced outside services costs related to strategic initiatives[217] - General and administrative expenses rose by $0.2 million, or 3%, to $5.8 million for the nine months ended September 30, 2025, primarily due to increased outside services costs related to strategic initiatives[226] - Total operating expenses decreased by $405 thousand, or 24%, to $1.298 million for the three months ended September 30, 2025[214] - Total operating expenses increased by $868 thousand, or 15%, to $6.5 million for the nine months ended September 30, 2025[224] Net Income and Loss - Net loss from continuing operations was $1.333 million for the three months ended September 30, 2025, a decrease of $521 thousand, or 28%, compared to the prior year[214] - Net cash used in operating activities from continuing operations was $6.2 million for the nine months ended September 30, 2025, primarily due to a net loss from continuing operations of $6.6 million[233] - Net income from discontinued operations decreased by $602 thousand, or 94%, to $40 thousand for the three months ended September 30, 2025[214] - Net income from discontinued operations increased significantly to $11.1 million for the nine months ended September 30, 2025, compared to $841 thousand in the same period of 2024, representing a 1,213% increase[224] Asset Impairment - The Company recorded an impairment of $87 thousand for long-lived assets during the three months ended September 30, 2025[218] - The company recorded an impairment of long-lived assets totaling $676 thousand during the nine months ended September 30, 2025[227] Cash and Financing - Cash and cash equivalents increased to $2.3 million as of September 30, 2025, compared to $430 thousand as of December 31, 2024[232] - Net cash used in financing activities from continuing operations was $3.2 million for the nine months ended September 30, 2025, including $2.0 million in cash payments to repurchase outstanding warrants[236] Compliance and Future Outlook - The Company received notification from NYSE American on April 18, 2024, regarding non-compliance with stockholders' equity requirements, which was later resolved by October 20, 2025[205][207] - The Company believes existing cash and cash equivalents will be sufficient to meet planned operating expenses at least through November 7, 2026[208] - The Avenova Asset Divestiture and PhaseOne Divestiture were completed in January 2025, impacting the financial results significantly[205][214] - The Company is evaluating opportunities within emerging financial infrastructure and network-based markets, including select blockchain-based assets[204] Tax and Off-Balance Sheet Arrangements - The company had net operating loss carryforwards of $153.7 million for federal income tax purposes as of December 31, 2024[239] - The company has no off-balance sheet arrangements as of September 30, 2025[242]