Summary by Moomoo AI
N2OFF, Inc. reported financial results for Q2 2024, with revenue decreasing 55% year-over-year to $16,546. The company's net loss widened to $800,142 compared to $714,935 in Q2 2023. Gross profit increased 12% to $10,764 due to cost reductions, despite lower sales.Research and development expenses decreased 31% to $11,690, while selling and marketing expenses fell 36% to $57,031, reflecting cost-cutting measures. General and administrative expenses rose 9% to $808,251, driven by increased professional services. The company ended the quarter with $4.47 million in cash and cash equivalents.N2OFF faced challenges due to the ongoing Israel-Hamas conflict, experiencing delays in pilots and packaging activities. The company warned of substantial doubt about its ability to continue as a going concern, projecting its existing capital resources will support operations only through Q1 2025. N2OFF is seeking additional financing to fund its operations and growth initiatives.
