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Applied Energetics Inc (AERG-4.76%). has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $9,174,958 for the year, compared to a net loss of $7,350,435 in the previous year. This increase in net loss was primarily due to increased general and administrative expenses, which rose to $9,509,860 from $8,771,901.
Revenue for the year was $2,426,609, a decrease from $2,631,443 in the previous year. The decline in revenue was attributed to a contract modification that resulted in a decrease in contract price.
Applied Energetics continues to focus on the development and manufacture of advanced high-performance lasers and optical systems. The company is engaged in strategic collaborations, including with Kord Technologies, Inc., to explore potential developments in advanced pulsed laser systems.
The company has a working capital deficit of $67,639 as of December 31, 2024, with total current assets of $664,779 and total current liabilities of $732,418.
Applied Energetics has been actively involved in business development activities, submitting proposals and attending briefings with various defense and government agencies. The company has also been engaged in discussions with private entities and academic institutions for potential collaborations.
The company is subject to risks related to its reliance on government contracts, changes in U.S. government spending, and its ability to secure additional contracts and financing.
Applied Energetics' research and development efforts are focused on ultrashort pulse laser technologies, with applications in national security and commercial markets. The company holds 26 patents and has eight pending patent applications.
The company has identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Applied Energetics plans to continue growing its management and science teams, exploring strategic acquisitions, and developing its intellectual property portfolio to support its strategic plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Applied Energetics Inc annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.