Applied DNA Sciences(APDN) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenues for the second quarter of fiscal 2024 were approximately $930 thousand, a decrease of approximately $3.5 million compared to $4.4 million in the same period of fiscal 2023[2]. - Total revenues for the three months ended March 31, 2024, were $929,631, a decrease from $4,407,614 in the same period of 2023, representing a decline of approximately 78.9%[15]. - Gross profit for the three-month period ended March 31, 2024, was $296 thousand, with a gross profit percentage of 32%, down from 41% in the prior fiscal year[3]. - Gross profit for the period was $295,651, down from $1,807,435, indicating a decline of about 83.7%[15]. - Loss from operations was $3.6 million for the second quarter of fiscal 2024, compared to a loss of $2.7 million for the same period in the prior fiscal year[5]. - The net loss attributable to common stockholders was $(4,625,804), compared to a net income of $588,343 in the prior year, representing a significant shift[15]. - The net loss per share attributable to common stockholders was $(5.31), compared to earnings of $0.91 per share in the same quarter of 2023[15]. - Adjusted EBITDA was a negative $3.3 million for the second quarter of fiscal 2024, compared to a negative $2.1 million in the same period of the prior fiscal year[5]. - Consolidated Adjusted EBITDA loss for the three months ended March 31, 2024, was $(3,255,840), compared to a loss of $(2,100,255) in the same period of 2023[17]. Operating Expenses - Operating expenses decreased to $3.9 million for the second quarter of fiscal 2024, compared to $4.5 million in the same period of the prior fiscal year[4]. - Total operating expenses decreased to $3,913,402 from $4,511,459, a reduction of approximately 13.2%[15]. Cash and Financial Position - Cash and cash equivalents stood at $3.1 million on March 31, 2024, down from $7.2 million as of September 30, 2023[5]. - Interest income for the period was $15,352, up from $3,639, indicating an increase of approximately 323.5%[17]. - The company reported a significant unrealized gain on the change in fair value of warrants classified as a liability of $1,765,000, compared to $3,250,900 in the previous year[17]. Business Operations - The company operates in three primary business markets: synthetic DNA manufacturing, molecular diagnostics, and supply chain security services[9]. - The company has faced risks including declining demand for COVID-19 testing services and the need for additional financing for future operations[11]. Corporate Actions - The company filed a Certificate of Amendment for a one-for-twenty reverse stock split effective April 25, 2024[6]. - The company regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) as of May 10, 2024[6]. Revenue Breakdown - Product revenues increased to $393,125 from $297,454, reflecting a growth of about 32.2% year-over-year[15]. - Service revenues rose to $205,486 from $169,058, marking an increase of approximately 21.5%[15].