SenesTech, Inc., a leader in fertility control for managing animal pest populations, reported its financial results for the second quarter ended June 30, 2024. The company announced record revenues of $874,000 for the first half of 2024, marking a 62% increase compared to the same period in 2023. Gross margins also saw significant improvement, reaching 54% in Q2 2024, with a peak of 67% in June. The adjusted EBITDA loss for the quarter was the smallest in the company's history, indicating progress towards achieving break-even. The Evolve product line, launched at the beginning of 2024, has become the company's best-selling product, contributing about 60% of the year-to-date revenue. Sales growth was primarily driven by distributor sales and direct sales to e-commerce and pest management customers...Show More

SenesTech, Inc., a leader in fertility control for managing animal pest populations, reported its financial results for the second quarter ended June 30, 2024. The company announced record revenues of $874,000 for the first half of 2024, marking a 62% increase compared to the same period in 2023. Gross margins also saw significant improvement, reaching 54% in Q2 2024, with a peak of 67% in June. The adjusted EBITDA loss for the quarter was the smallest in the company's history, indicating progress towards achieving break-even. The Evolve product line, launched at the beginning of 2024, has become the company's best-selling product, contributing about 60% of the year-to-date revenue. Sales growth was primarily driven by distributor sales and direct sales to e-commerce and pest management customers. SenesTech expects the growth initiatives implemented in the first half of 2024 to drive second-half growth. These initiatives include the launch of Evolve with key online retailers, the introduction of Evolve Mouse, new distribution agreements, new product packaging, expanded sales and marketing efforts, and the expansion of the Evolve product line into retail distribution channels. The company's President and CEO, Joel Fruendt, expressed optimism for accelerating growth and the potential for profitability with the adoption of Evolve by major retailers. For Q2 2024, SenesTech reported a revenue of $459,000, a 50% increase from Q2 2023, and a net loss of $1.6 million, which is an improvement from the $2.0 million net loss in Q2 2023. The company ended June with $2.0 million in cash.