SportsMap Tech Acquisition (US:SMAP)2025-11-13 21:14Revenue Performance - Third quarter revenue was $1.6 million, consistent with Q3 2024, representing an increase of $0.2 million, or 11%, quarter over quarter[5] - Software revenue grew to $0.6 million in Q3 2025, an increase of $0.3 million, or 114%, compared to Q3 2024, and an increase of $0.2 million, or 54%, quarter over quarter[5] Profitability and Loss - Gross margin was 64% in Q3 2025, a decrease of 3% compared to Q3 2024, but an increase of 40% quarter over quarter[5] - Third quarter net loss was $1.7 million, a decrease of $6.5 million, or 80%, compared to Q3 2024, and a decrease of $1.6 million, or 50%, quarter over quarter[5] - Cost-saving initiatives implemented during Q3 2025 contributed to the decrease in operating expenses and net loss[5] Operational Metrics - Approximately 665 active sensors were connected to the MSAI Connect platform as of September 30, 2025, a 9% increase quarter over quarter and a 167% increase year over year[5] Strategic Initiatives - The company announced two capital raises totaling approximately $26 million, net of offering expenses, enhancing financial flexibility for focused investment[2] - The company has realigned its solutions under two offerings: Early Threat Detection (ETD) and Reliability Maintenance Engineering (RME), simplifying its go-to-market strategy[5] - The company began discussions to pilot MSAI Connect solutions with several large data center owners and operators during the quarter[5] - The company remains focused on delivering sustainable growth and tangible return on investment for customers[2]