FOXO Technologies Inc. (FOXO) reported financial results for the quarter ended June 30, 2024. The company saw an increase in net revenues to $35, up 40% from $25 in the same period last year, primarily due to the acquisition of Myrtle, a behavioral health services provider. Operating expenses decreased by 81% to $2,803, with significant reductions in research and development, management contingent share plan expenses, and selling, general and administrative expenses. The company's net loss improved by 81% to $3,668, compared to a net loss of $18,932 in the prior year. The improvement was attributed to the decrease in operating expenses and non-operating expenses. FOXO's liquidity position remains a concern, with a working capital deficit and total stockholders' deficit of $20,817 and $16,167, respectively. The company has taken steps...Show More

FOXO Technologies Inc. (FOXO) reported financial results for the quarter ended June 30, 2024. The company saw an increase in net revenues to $35, up 40% from $25 in the same period last year, primarily due to the acquisition of Myrtle, a behavioral health services provider. Operating expenses decreased by 81% to $2,803, with significant reductions in research and development, management contingent share plan expenses, and selling, general and administrative expenses. The company's net loss improved by 81% to $3,668, compared to a net loss of $18,932 in the prior year. The improvement was attributed to the decrease in operating expenses and non-operating expenses. FOXO's liquidity position remains a concern, with a working capital deficit and total stockholders' deficit of $20,817 and $16,167, respectively. The company has taken steps to address its capital needs, including entering into stock exchange agreements with RHI to acquire Myrtle and RCHI, a critical care hospital, which are expected to provide positive operating cash flows. However, there is substantial doubt about FOXO's ability to continue as a going concern without securing additional financing. The company's future plans include continuing capital raise initiatives, pursuing strategic acquisitions, and commercializing products to generate revenue.