Financial Performance - Revenue for Q2 2024 increased by 66% to $1.76 million compared to $1.06 million in Q2 2023, primarily due to a $1.2 million contract fulfilled during the quarter [2][3] - Gross profit more than doubled to $180,000 in Q2 2024 from $79,000 in Q2 2023, with gross margin increasing by 280 basis points to 10.2% [4] - Operating expenses decreased by 16% to $657,000 in Q2 2024 from $783,000 in Q2 2023, driven by reduced personnel and marketing costs [5] Net Income and Loss - The net loss for Q2 2024 was $470,000, or $(0.66) per share, an improvement from a net loss of $694,000, or $(1.03) per share, in Q2 2023 [5][6] Backlog and Bookings - Net bookings in Q2 2024 increased approximately 7 times to $1.4 million compared to $0.2 million in the same period last year, largely due to the $1.2 million contract [3] - The company's backlog at the end of Q2 2024 was $0.2 million, down from $1.1 million in Q2 2023, attributed to reduced capital expenditures by cannabis operators [3] Strategic Review and Cost Management - The company is focused on a lean cost structure, emphasizing expense reduction and capital preservation while reviewing strategic alternatives, including potential sale or merger [1][6] - Headcount reductions and cuts in product development and business development expenses were implemented to minimize cash burn [1]
CEA Industries Inc. Reports Second Quarter 2024 Results