Summary by Moomoo AI
FOXO Technologies reported Q3 2024 revenues of $1.2 million, a significant increase from $10,000 in Q3 2023, primarily driven by its newly acquired healthcare segment. The company's net loss attributable to FOXO improved to $1.9 million compared to $3.7 million in the prior year period, while operating expenses decreased 37% to $2.2 million.The company completed strategic acquisitions of Myrtle Recovery Centers in June 2024 and Rennova Community Health in September 2024, establishing its healthcare segment which contributed $1.2 million in revenue. The Labs and Life segment continued development of epigenetic biomarker technology while reducing operating costs through headcount reductions and other efficiency measures.Management expressed concerns about liquidity, with only $34,000 in cash as of September 30, 2024. The company is pursuing additional funding through equity/debt financing and strategic acquisitions to fund operations, which are expected to be sustainable through Q2 2025 following the RCHI acquisition. FOXO also faces challenges with NYSE American listing compliance and defaulted Senior PIK Notes.
