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Cloudastructure Inc. (CSAI-9.68%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing provides an overview of Cloudastructure's business, which focuses on cloud-based AI video surveillance and remote guarding services. The company has contracts with several top property management companies and aims to expand its customer base in the proptech space.
For the year ended December 31, 2024, Cloudastructure reported net revenues of approximately $1,364,000, an increase from $607,000 in 2023. The growth was driven by a 30% increase in new locations and a significant rise in remote guarding and hardware sales.
The cost of goods sold was approximately $990,000, up from $725,000 in the previous year, due to increased sales and installation projects. Operating expenses decreased to approximately $6,565,000 from $8,594,000, attributed to reductions in general and administrative expenses, research and development, and sales and marketing costs.
Cloudastructure reported a net loss of approximately $6,535,000 for the year, compared to $9,007,000 in 2023. The company continues to experience negative cash flows from operations as it invests in growth and development.
The company completed a direct listing on the Nasdaq Capital Market under the symbol 'CSAI' on January 30, 2025. It also entered into equity financing agreements to support its operations and maintain compliance with Nasdaq listing requirements.
Cloudastructure's business strategy includes leveraging its AI capabilities to offer competitive security solutions in the multifamily and commercial property markets. The company faces competition from established firms but aims to capitalize on the growing demand for advanced security applications.
The filing outlines various risks, including dependence on a limited number of customers, the need for additional capital, and potential challenges related to data privacy and security regulations.
Cloudastructure's management team includes James McCormick as CEO, Greg Smitherman as CFO, and Gregory Rayzman as CTO. The company's board of directors comprises independent members with diverse expertise.
The company does not anticipate paying cash dividends in the near future, opting to reinvest earnings into business growth and development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cloudastructure Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.