Singular Genomics Systems(US:OMIC)2024-05-14 20:06Financial Performance - Revenue for Q1 2024 was $0.4 million, primarily from one G4 instrument capital purchase and consumables sales[3] - Gross profit was negative $0.4 million, with a gross margin of -100% compared to a gross profit of $0.1 million in Q1 2023[4] - Operating expenses totaled $26.4 million, an increase from $25.4 million in Q1 2023, including non-cash stock-based compensation of $2.9 million[5] - Net loss for Q1 2024 was $25.0 million, or a loss of $0.34 per share, compared to a net loss of $23.6 million, or a loss of $0.33 per share in Q1 2023[5] Cash and Assets - Cash, cash equivalents, and short-term investments totaled $150.7 million as of March 31, 2024[6] - Total assets decreased to $239.1 million as of March 31, 2024, from $265.5 million at the end of 2023[16] - Accumulated deficit increased to $362.6 million as of March 31, 2024, compared to $337.6 million at the end of 2023[16] Operations and Development - Six G4 systems were shipped in Q1 2024, bringing the total number of commercial systems shipped to 30[9] - The company plans to expand its spatial services offering and prepare for the G4X launch in 2025[2] - Research and development expenses were $11.5 million in Q1 2024, down from $12.2 million in Q1 2023[14]