Applied UV, Inc. (AUVI) reported a significant increase in revenue for the year ended December 31, 2023, with revenues rising to $40.7 million, a 102.5% increase from $20.1 million in the previous year. Despite this growth, the company faced substantial operating losses, with a net loss of approximately $13.2 million and net cash used in operating activities amounting to $8.2 million for the year. The company's balance sheet shows an accumulated deficit of approximately $43.1 million as of December 31, 2023. The financial statements were prepared on a going concern basis, indicating the company's anticipation of continued operations and realization of assets. However, the substantial losses and cash used in operations raise concerns about the company's ability to continue as a going concern without additional financing. Applied...Show More

Applied UV, Inc. (AUVI) reported a significant increase in revenue for the year ended December 31, 2023, with revenues rising to $40.7 million, a 102.5% increase from $20.1 million in the previous year. Despite this growth, the company faced substantial operating losses, with a net loss of approximately $13.2 million and net cash used in operating activities amounting to $8.2 million for the year. The company's balance sheet shows an accumulated deficit of approximately $43.1 million as of December 31, 2023. The financial statements were prepared on a going concern basis, indicating the company's anticipation of continued operations and realization of assets. However, the substantial losses and cash used in operations raise concerns about the company's ability to continue as a going concern without additional financing. Applied UV, Inc. has pursued various funding solutions to improve liquidity and may need to seek additional capital through debt or equity financings to fund operations. The company's business development included the acquisition of VisionMark, LLC, and the merger with PURO Lighting LLC and LED Supply Co. LLC, expanding its product suite in UV Lighting and HVAC monitoring software platforms. Looking ahead, Applied UV, Inc. plans to continue marketing its products and may require additional financing to support its operations.