Sintx Technologies(SINT) - 2023 Q2 - Quarterly Report

Revenue Growth - For the three months ended June 30, 2023, product revenue increased by $155,000, or 194%, compared to the same period in 2022, totaling $235,000[93]. - Grant and contract revenue for the three months ended June 30, 2023, increased by $113,000, or 71%, totaling $273,000[94]. - Total revenue for the three months ended June 30, 2023, was $508,000, an increase of $268,000, or 112%, compared to the same period in 2022[93]. - For the six months ended June 30, 2023, total product revenue increased by $294,000, or 162%, totaling $475,000[95]. - Other income for the six months ended June 30, 2023, increased by $4.0 million, or 1305%, compared to the same period in 2022, primarily due to changes in the fair value of derivative liabilities[107]. Expenses - Gross profit for the three months ended June 30, 2023, increased by $230,000, or 132%, totaling $404,000[93]. - Research and development expenses for the three months ended June 30, 2023, increased by $672,000, or 46%, totaling $2,148,000[97]. - General and administrative expenses for the three months ended June 30, 2023, increased by $175,000, or 18%, totaling $1,168,000[99]. - Total operating expenses for the three months ended June 30, 2023, increased by $911,000, or 31%, totaling $3,868,000[93]. Net Loss - The net loss for the three months ended June 30, 2023, was $2,455,000, a decrease of $57,000, or 2%, compared to the same period in 2022[93]. - The company incurred a net loss of $2.7 million for the six months ended June 30, 2023, compared to a net loss of $5.4 million for the same period in 2022[109]. Cash Flow - Net cash used in operating activities was $8.1 million for the six months ended June 30, 2023, an increase of $2.4 million from $5.7 million used in the same period in 2022[118]. - Cash provided by financing activities was $11.5 million for the six months ended June 30, 2023, compared to $0.5 million used in financing activities during the same period in 2022[120]. Funding and Financial Position - The company raised approximately $12.0 million in gross proceeds from a public offering on February 10, 2023[112]. - The company had an accumulated deficit of $265.2 million as of June 30, 2023[109]. - The company’s ability to continue as a going concern is dependent on its ability to increase sales and/or raise additional funds through capital markets[109]. Strategic Focus - The acquisition of TA&T in mid-2022 contributed to increased research and development expenses and grant and contract revenue[97][105]. - The company is focusing on expanding the use of silicon nitride in personal protection products, which may enhance sales efforts[110]. Other Financial Information - The company has an outstanding balance of $107,000 related to personal loans made by the founders, to be repaid in monthly installments until August 2024[122]. - The company does not have any off-balance sheet arrangements as defined in Regulation S-K[125].