Summary by Moomoo AI
SenesTech, a developer of technologies for managing animal pest populations through fertility control, reported a net loss of $1.8 million for the first quarter of 2024, a 10% decrease from the $2.0 million net loss in the same period of 2023. The company's revenues increased by 78% year-on-year to $415,000, driven by the launch of their new product, Evolve. Despite the increase in sales, the cost of sales also rose by 99%, resulting in a gross profit of $135,000, up 47% from the previous year. Operating expenses decreased by 7%, with research and development costs down 4% and selling, general, and administrative expenses down 8%. The company has continued to sustain significant operating losses and expects these to continue in the near future. SenesTech has primarily funded its operations through...Show More