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Alpha Teknova, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $9.6 million from $8.2 million in the same quarter the previous year. The increase is attributed to growth in Clinical Solutions revenue.
Cost of sales for the quarter was $9,486,000, compared to $6,697,000 in the same quarter of the previous year. The increase in cost is due to non-recurring charges related to inventory disposal.
The company reported a gross profit of $90,000 for the quarter, compared to $1,472,000 in the previous year, with the decline attributed to inventory-related charges.
Research and development expenses decreased to $627,000 from $1,397,000, primarily due to reduced headcount.
Sales and marketing expenses decreased to $1,640,000 from $2,412,000, also due to reduced headcount.
General and administrative expenses decreased to $4,968,000 from $6,138,000, driven by reduced spending in professional fees and insurance.
The company recorded a net loss of $7,565,000 for the quarter, down from a net loss of $10,153,000 in the previous year.
Cash used in operating activities was $11,455,000, while cash used in investing activities was $25,861,000, primarily for short-term investments.
Alpha Teknova had a working capital of $36,211,000 as of September 30, 2024. The company believes there is no substantial doubt about its ability to continue as a going concern.
The filing also details a private placement offering completed in July 2024, which resulted in gross proceeds of approximately $15.4 million.
The company continues to focus on expanding its operations and increasing capacity at its facilities in Hollister, California.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alpha Teknova Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.