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10-Q: Q3 2024 Earnings Report

SEC ·  Nov 15 05:52

Summary by Moomoo AI

Safety Shot, Inc. (NASDAQ: SHOT), formerly known as Jupiter Wellness Inc., reported its financial performance for the quarter ended September 30, 2024. The company experienced a net loss of $11,929,277 for the three months and $35,878,042 for the nine months ended September 30, 2024. This compares to a net loss of $7,738,301 for the three months and $9,406,066 for the nine months ended September 30, 2023. The basic net loss per share was $0.21 for the three months and $0.69 for the nine months ended September 30, 2024, compared to a net loss per share of $0.26 and $0.34 for the same periods in 2023. Revenue from sales was $110,213 for the three months and $519,793 for the nine months ended September 30, 2024, showing an increase from $11,877 and $69,968 for the corresponding periods in 2023. However, the cost of sales also rose...Show More
Safety Shot, Inc. (NASDAQ: SHOT), formerly known as Jupiter Wellness Inc., reported its financial performance for the quarter ended September 30, 2024. The company experienced a net loss of $11,929,277 for the three months and $35,878,042 for the nine months ended September 30, 2024. This compares to a net loss of $7,738,301 for the three months and $9,406,066 for the nine months ended September 30, 2023. The basic net loss per share was $0.21 for the three months and $0.69 for the nine months ended September 30, 2024, compared to a net loss per share of $0.26 and $0.34 for the same periods in 2023. Revenue from sales was $110,213 for the three months and $519,793 for the nine months ended September 30, 2024, showing an increase from $11,877 and $69,968 for the corresponding periods in 2023. However, the cost of sales also rose significantly, resulting in a gross profit loss. Operating expenses were dominated by general and administrative expenses, which totaled $11,348,320 for the three months and $32,923,489 for the nine months ended September 30, 2024. In terms of business development, Safety Shot completed the acquisition of the functional beverage Safety Shot from GBB Drink Lab, Inc., gaining ownership of various assets including intellectual property and trademarks associated with the Sure Shot Dietary Supplement. The company launched the Sure Shot Dietary Supplement in December 2023, which fits within the company's existing over-the-counter and health and wellness products. Safety Shot is dedicated to research and development, aiming to address prevalent health and wellness concerns with its products available through various retailers and e-commerce platforms.Looking ahead, Safety Shot is focused on expanding its distribution network and exploring synergistic opportunities, such as its relationship with Yerbae Brands Corp. The company is also mindful of the going concern consideration, as it had accumulated deficits of $101,558,757 as of September 30, 2024, and cash flow used in operations of $17,241,736 for the nine months ended on that date.

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