Select Financial Highlights for the Three Months Ended September 30, 2024
Revenue for the third quarter of 2024 was $1.8 million compared to $1.7 million for the same period in the prior year, an increase of $0.1 million, or 6.4%. Gross profit was $1.1 million compared to $0.9 million for the same period in the prior year, an increase of $0.2 million, while gross profit margin increased to 60.2% from 50.9%.
Net loss for the third quarter of 2024 was $0.6 million, compared to a net loss of $3.5 million for the same period in the prior year, an improvement of $2.9 million. The decrease in net loss is driven by an increase in other income of $2.0 million, which is primarily comprised of foreign currency gains incurred remeasuring transactions denominated in a currency other than U.S. dollars. Net loss also decreased due to a $0.5 million reduction in operating expenses related to headcount reductions and lower general and administrative expenses during the three months ended September 30, 2024 compared to the same prior year period, as well as a $0.2 million improvement in gross profit. Net income attributable to Class A common stock was $0.00 per share for the third quarter of 2024, compared to a net loss of $1.31 for the same period in the prior year.
Adjusted EBITDA(1) for the third quarter of 2024 was $0.1 million, compared to an Adjusted EBITDA loss(1) of $2.5 million for the same period in the prior year. The decrease in Adjusted EBITDA loss(1) of $2.6 million was primarily due to the same factors driving the previously discussed change in net income for the third quarter of 2024 when compared to the same period in the prior year, as well as a decrease in stock-based compensation compared to the prior year period.
102765799 : wonder why the price doesn't reflect
Trytosaveabit OP 102765799 : It’s after market! There has been less than 2K shares traded since 4PM est!
102765799 Trytosaveabit OP : I see! so we should see uptick since the er is not bad!
Trytosaveabit OP 102765799 : It’s possible