Summary by Moomoo AI
Safety Shot Inc. reported Q2 2024 revenue of $710,240, up significantly from $23,305 in Q2 2023, driven by the launch of its Safety Shot Dietary Supplement in December 2023. Gross profit was $205,712 compared to a loss of $4,270 in the prior year period. Cost of sales increased to $504,528 reflecting startup costs associated with the product launch.Operating expenses surged to $8.6 million from $1.7 million year-over-year, primarily due to increased marketing expenses of $2.6 million, legal and professional fees of $1.9 million, and stock-based compensation of $3.0 million. The company employed a comprehensive marketing approach including digital and retail activations, social media, and broadcast events. Research and development costs were $119,911.The company ended the quarter with $3.2 million in cash. Management noted ongoing litigation matters including lawsuits from warrant holders seeking damages. While expressing confidence in vigorously defending these claims, the company acknowledged the need to potentially raise additional capital to execute its business plan, though warrant exercises and marketable securities holdings provide some financial flexibility.
