Core Insights - NEXGEL, Inc. reported record financial results for Q4 and full year 2024, with Q4 revenue of $3.04 million, a 181% increase from $1.08 million in Q4 2023, and full year revenue of $8.69 million, up 112% from $4.09 million in 2023 [1][8][4] - The company has achieved over 100% revenue growth year-over-year for three consecutive years and expects to generate $13 million in revenue for 2025 while achieving positive EBITDA [1][4] Fourth Quarter 2024 Financial Highlights - Net revenue for Q4 2024 was $3.04 million, compared to $1.08 million in Q4 2023 and $2.94 million in Q3 2024 [6][8] - Gross profit for Q4 2024 was $1.13 million, with a gross profit margin of 37.2%, compared to $0.09 million and 8.7% in Q4 2023 [10] - The net loss for Q4 2024 was $0.85 million, an improvement from a net loss of $1.10 million in Q4 2023 [13] Full Year 2024 Financial Highlights - Total revenue for 2024 was $8.69 million, an increase from $4.09 million in 2023 [6][8] - Gross profit for the full year was $2.75 million, with a gross profit margin of 31.6%, compared to $0.37 million and 9.2% in 2023 [10] - The net loss for 2024 was $3.28 million, slightly higher than the net loss of $3.16 million in 2023 [13] Operational Highlights - The company made its first shipments of SilverSeal to Cintas in Q4 2024, contributing to revenue growth [4][15] - NEXGEL successfully acquired the international beauty brand Silly George, increasing its annual revenue run rate from $2 million to over $5 million [7] - The company is focusing on optimizing its brand portfolio and launching new products to enhance customer loyalty [4] Future Outlook - NEXGEL anticipates revenue of at least $2.75 million in Q1 2025, which is typically the weakest quarter of the year [4] - The company maintains a healthy pipeline of potential new customers for 2025 [4]
NEXGEL Reports Record Fourth Quarter and Full Year 2024 Financial Results