Summary by Moomoo AI
ALT5 Sigma achieved record Q3 2024 financial results with revenue reaching $4.94 million and gross profit of $2.39 million in its fintech segment. The company maintained nearly 50% gross margins and reported transaction volume exceeding $600 million. The fintech division posted net income of $714,000 and Adjusted EBITDA of approximately $890,000.The company announced significant progress in separating its biotech business, Alyea Therapeutics, scheduled for completion in first half of 2025. This strategic move aims to enable separate financing for biotech operations and reduce shareholder dilution. The company plans to leverage fintech's future free cash flow for continued revenue expansion.Recent corporate developments include the appointment of Peter Tassiopoulos as CEO in August 2024 and Ron Pitters to the Board in November. The company also acquired additional intellectual property to enhance its service offerings, with new features planned for Q4 2024 and fiscal 2025. Cash and cash equivalents stood at $8.67 million.
