CDI(US:CODX)2025-11-13 21:03Financial Performance - Revenue for Q3 2025 was $0.1 million, a decrease of 83.4% compared to $0.6 million in Q3 2024, primarily due to a reduction in grant revenue[7] - Operating expenses were approximately $7.1 million, a decrease of 32.6% year-over-year from $10.6 million in Q3 2024[7] - Net loss for Q3 2025 was $5.9 million, or $0.16 per fully diluted share, compared to a net loss of $9.7 million, or $0.32 per fully diluted share in Q3 2024[7] - The operating loss for Q3 2025 was $7.0 million, a decrease from $10.2 million in Q3 2024[7] - For the three months ended September 30, 2025, the net loss was $5,886,823, an improvement from a net loss of $9,696,455 in the same period of 2024, representing a reduction of approximately 39%[18] - Adjusted EBITDA for Q3 2025 was $(6,301,839), compared to $(8,825,436) in Q3 2024, indicating a year-over-year improvement of about 29%[18] - Stock-based compensation expense decreased to $500,585 in Q3 2025 from $1,045,583 in Q3 2024, reflecting a reduction of approximately 52%[18] - Interest income, net, decreased to $(13,194) in Q3 2025 from $(263,335) in Q3 2024, indicating a decline of about 95%[18] - Depreciation and amortization expenses were $267,383 in Q3 2025, down from $351,235 in Q3 2024, representing a decrease of approximately 24%[18] - The realized gain on investments was $(41,542) in Q3 2025, compared to $(293,067) in Q3 2024, indicating a reduction of about 86%[18] - The income tax provision showed a benefit of $(1,166,593) in Q3 2025, contrasting with a provision of $22,189 in Q3 2024, marking a significant change[18] - Gain on disposition of assets was $(4,000) in Q3 2025, slightly higher than $(3,513) in Q3 2024[18] Cash and Funding - Cash, cash equivalents, and marketable securities totaled $11.4 million as of September 30, 2025, up from $2.9 million at the end of 2024[7] - The company closed a Registered Direct Offering (RDO) with gross proceeds of approximately $3.8 million before expenses, and subsequently closed another RDO with gross proceeds of approximately $7.0 million[7] Strategic Initiatives - Co-Diagnostics launched a dedicated AI business unit to integrate existing and planned AI applications into the Co-Dx Primer Ai platform[5] - The company signed a definitive agreement with Arabian Eagle Manufacturing to develop and commercialize Co-Dx technologies in Saudi Arabia and 18 additional MENA markets[7] - The company is pursuing a strategic transaction with Maxim Group, which may include a SPAC transaction for its India joint venture, CoSara[5] - The company developed a proprietary sample preparation instrument to streamline workflow for point-of-care Co-Dx PCR Mycobacterium Tuberculosis Test[7] Operational Efficiency - The company continues to focus on improving operational efficiency and reducing losses as indicated by the overall financial metrics[18]