Summary by Moomoo AI
SenesTech, Inc., a leader in fertility control for animal pest populations, reported a 78% increase in revenue for the first quarter of 2024, reaching $415,000 compared to the same period in 2023. The growth was primarily driven by the success of their new product, Evolve, which accounted for over half of the quarter's revenue. The company also expanded its distribution network, including agreements with grain management and pest control distributors, and increased its geographic reach to several new countries. Additionally, SenesTech introduced new product sizes and launched Evolve Mouse, a solution for controlling mouse populations. Despite the revenue growth, the company recorded a net loss of $1.8 million for the quarter, a slight improvement from the $2.0 million loss in Q1 2023. The adjusted EBITDA loss was also reduced to $1.7 million from $1.8 million in the previous year. As of March 2024, SenesTech had $3.6 million in cash. The company's financial results and other information were announced on May 9, 2024, and are available on their website and through a press release attached to their Form 8-K filing with the SEC.
