NEWS ER
Positive
Projected revenue growth from $1M in 2024 to $4.5M in 2025
60% reduction in b-silk production costs per kilogram in 2024
Manufacturing capacity increased by 50% with over 3,000kg of vegan silk produced
Secured $28M in PIPE and bridge financing
Positive gross profit expected for full year 2025
Projected revenue growth from $1M in 2024 to $4.5M in 2025
60% reduction in b-silk production costs per kilogram in 2024
Manufacturing capacity increased by 50% with over 3,000kg of vegan silk produced
Secured $28M in PIPE and bridge financing
Positive gross profit expected for full year 2025
Negative
Q3 2024 revenue declined to $0.01M from $1.3M in Q3 2023
Operating loss increased to $20.2M in Q3 2024 from $5.1M in Q3 2023
Q3 2024 gross margin at 0.0%, down from 2.7% in Q3 2023
Higher operating expenses
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