Intelligent Bio Solutions, a company specializing in non-invasive diagnostic testing technologies, reported a significant increase in total revenue for the year ended June 30, 2024, reaching $3,111,781 compared to $1,256,872 in the previous year. This growth was driven by sales of goods, including cartridges and readers, as well as other sales. The company also received government support income, primarily from an Australian Government grant for constructing a manufacturing facility, which was extended to March 28, 2025, due to project delays. The grant proceeds are recognized as a reduction to the construction in progress asset on the balance sheets. Despite the revenue growth, the company reported a net loss of $10,190,932 for the year, which was a slight improvement from the $10,664,555 net loss in the previous year...Show More

Intelligent Bio Solutions, a company specializing in non-invasive diagnostic testing technologies, reported a significant increase in total revenue for the year ended June 30, 2024, reaching $3,111,781 compared to $1,256,872 in the previous year. This growth was driven by sales of goods, including cartridges and readers, as well as other sales. The company also received government support income, primarily from an Australian Government grant for constructing a manufacturing facility, which was extended to March 28, 2025, due to project delays. The grant proceeds are recognized as a reduction to the construction in progress asset on the balance sheets. Despite the revenue growth, the company reported a net loss of $10,190,932 for the year, which was a slight improvement from the $10,664,555 net loss in the previous year. The company's business development was marked by the acquisition of Intelligent Fingerprinting Limited, which expanded its platform of rapid diagnostic tests. Looking ahead, Intelligent Bio Solutions plans to utilize the proceeds from a private placement offering for working capital and general corporate purposes, and it continues to evaluate the impact of new accounting pronouncements on its financial statements.