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Blackboxstocks Inc. (BLBX-7.02%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decline in revenue to $646,792 from $727,218 in the same quarter the previous year. The decrease is attributed to a reduction in the number of subscribers.
Cost of revenues for the quarter was $293,426, resulting in a gross margin of 55%. This margin remained consistent with the previous year.
Operating expenses for the quarter were $1,088,582, down from $1,269,769 in the previous year. The decrease is due to reduced expenditures in software development, advertising, and marketing.
The company reported an operating loss of $734,166 for the quarter, compared to a loss of $869,229 in the previous year.
Net loss for the quarter was $780,833, compared to $671,745 in the previous year. The loss was impacted by financing costs and stock-based compensation.
Cash used in operating activities was $681,353 for the nine months ended September 30, 2024. Cash and marketable securities totaled $60,921 as of September 30, 2024.
The company has entered into a share exchange agreement with Evtec Aluminium Limited, which is expected to become a wholly-owned subsidiary. This transaction is anticipated to attract additional capital investment.
Blackboxstocks continues to operate as a financial technology and social media platform, offering real-time analytics and news for stock and options traders.
The filing also details the company's liquidity challenges and its efforts to improve cash flow through new product development and revised marketing strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Blackboxstocks Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.