Summary by Moomoo AI
Focus Universal reported Q2 2024 financial results with revenue declining to $19,753 from $215,391 in Q2 2023, primarily due to reduced IoT installation projects. The company posted a gross loss of $12,081 compared to a gross profit of $66,132 in the prior year period. Net loss widened to $1.37 million from $1.02 million year-over-year.Operating expenses increased to $1.37 million from $1.14 million, driven by higher professional fees of $354,421 and general administrative expenses of $625,492. The company continued significant investment in research and development at $296,248, while reducing compensation costs to $55,255 from $253,403 in Q2 2023.The company completed the sale of its warehouse property for $7.46 million in July 2024 to strengthen its financial position. Focus Universal maintains its strategic focus on developing IoT technologies, including its Universal Smart Technology platform and automation software solutions, while facing ongoing concerns about its ability to continue as a going concern due to recurring operational losses and negative cash flows.
