Summary by Moomoo AI
N2OFF reported Q3 2024 revenues of $9,104 with a gross loss of $67,657, primarily due to a one-time inventory write-off in South Africa. For the nine months ended September 30, 2024, revenues decreased 56% to $69,481 compared to $157,618 in the same period last year, mainly attributed to reduced sales in Mexico.The company's operating expenses showed significant changes, with research and development expenses decreasing 93% to $122,410 in Q3 2024, reflecting cost reduction measures and a strategic shift toward commercialization. General and administrative expenses increased 17% to $1,294,913, driven by higher professional services and share-based compensation costs. The company maintained a strong cash position of $2.75 million as of September 30, 2024.Operations have been significantly impacted by the ongoing Israel-Hamas conflict, causing delays in pilots and packaging activities as certain packing houses halted operations. The company's subsidiary Plantify has ceased operations at its Kibbutz Gonen facility due to regional hostilities. Management expects current capital resources to support operations through Q3 2025, though substantial doubt exists about the company's ability to continue as a going concern.
