SenesTech, a company listed on the Nasdaq Capital Market under the symbol SNES, has reported its financial results for the year ended December 31, 2023. The company experienced a net loss of $7.7 million, a 20% decrease from the previous year's net loss of $9.7 million. Revenues increased by 17% to $1.2 million, up from $1.0 million in the previous year, driven by significant growth in agribusiness, commercial, and distributor vertical markets. Cost of sales rose by 18% to $654,000, resulting in a gross profit of $539,000, a 16% increase from the prior year. Operating expenses decreased by 18% to $8.3 million, with research and development expenses down 34% to $1.2 million and selling, general, and administrative expenses down 15% to $7.0 million. The company's cash and cash equivalents stood at $5.4 million at year-end, with...Show More

SenesTech, a company listed on the Nasdaq Capital Market under the symbol SNES, has reported its financial results for the year ended December 31, 2023. The company experienced a net loss of $7.7 million, a 20% decrease from the previous year's net loss of $9.7 million. Revenues increased by 17% to $1.2 million, up from $1.0 million in the previous year, driven by significant growth in agribusiness, commercial, and distributor vertical markets. Cost of sales rose by 18% to $654,000, resulting in a gross profit of $539,000, a 16% increase from the prior year. Operating expenses decreased by 18% to $8.3 million, with research and development expenses down 34% to $1.2 million and selling, general, and administrative expenses down 15% to $7.0 million. The company's cash and cash equivalents stood at $5.4 million at year-end, with an accumulated deficit of $129.9 million. SenesTech has not paid any cash dividends on its common stock and intends to retain future earnings to support operations and business growth. The company's future plans include maximizing market acceptance for its products, exploring strategic partnerships, and seeking additional regulatory approvals to expand the market for its products. SenesTech will continue to focus on marketing and sales of ContraPest, manage the infrastructure for sales, marketing, and distribution, and maintain and protect its intellectual property portfolio. Additional financing will be necessary to support these efforts and the company's ongoing activities.