Revenue for the fiscal year ended January 31, 2024 was $273 million, compared to $293 million for fiscal year 2023, $149 million for fiscal year 2022, and $113 million for fiscal year 2021 – representing a CAGR of 34%.

Gross profit for fiscal year 2024 was negative $4.4 million, compared to negative $0.9 million in fiscal year 2023. From an operating perspective, adjusting for the effects of one-time inventory disposals and write-downs, as well as forward contract and foreign exchange gains and losses, adjusted gross profit, a non-GAAP measure, was negative $1.2 million in fiscal year 2024 compared to $4.9 million in fiscal year 2023, and adjusted gross profit margin, a non-GAAP measure, was negative 0.5% compared to 1.6% in the prior year period.

Net loss for fiscal year 2024 was $39.5 million, compared to a net loss of $33.7 million in fiscal year 2023. The Company incurred significant losses in fiscal year 2024 and fiscal year 2023 due to professional fees relating to consulting and accounting as the Company prepared to go public, expenditures in order to fulfill sales contracts, continued investment in innovation and growth of our business, and implementation of the systems, processes and tools necessary to be publicly traded.

Please refer to the reconciliations of adjusted gross profit to the most comparable metric calculated in accordance with GAAP in this press release below.

Balance Sheet Update

As of January 31, 2024, the Company reported total gross debt of $50.0 million and cash and cash equivalents of $0.7 million. As of June 30, 2024 total gross debt was $42.9 million and cash and cash equivalents was $0.9 million, respectively. The Company anticipates receiving approximately $16.7 million of additional cash subsequent to June 30, 2024 in connection with certain strategic transactions. The Company currently has 28.5 million shares outstanding as of July 24, 2024.

The gross debt and cash and cash equivalent amounts as of June 30, 2024 are preliminary, unaudited financial results and subject to change. These estimates have been prepared by management, and the Company's independent registered public accounting firm has not audited or reviewed this preliminary financial data.