Revenue Performance - NEXGEL reported Q1 2024 revenue of $1.27 million, a 104% increase from $620,000 in Q1 2023[3] - Revenue growth was driven by contract manufacturing (58% increase) and consumer branded products (178% increase) year-over-year[2] Profitability and Expenses - Gross profit for Q1 2024 was $277,000, compared to a gross profit loss of $57,000 in Q1 2023, resulting in a gross profit margin of 21.9%[4] - Cost of revenues increased by 46.1% to $989,000 in Q1 2024, primarily due to new product line growth and increased compensation[5] - Selling, general and administrative expenses rose by 43.8% to $1.1 million, attributed to higher advertising, marketing, and consulting fees[6] - Research and development expenses decreased to $2,000 in Q1 2024 from $29,000 in Q1 2023[7] - NEXGEL's net loss for Q1 2024 was $905,000, compared to a net loss of $807,000 in Q1 2023[7] Cash Position and Future Plans - As of March 31, 2024, NEXGEL had a cash balance of $2.4 million, including approximately $1 million from a registered direct offering[8] - The company is nearing completion of a capacity expansion in Texas and preparing for product launches with Abbvie and others[2] - NEXGEL expects to launch its first batch of consumer branded products in Europe, pending final certifications[2]
NexGel(NXGL) - 2024 Q1 - Quarterly Results