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DIH Holding US Inc (DHAI+0.90%). 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 $18,162,000 from $13,060,000 in the same quarter the previous year. The increase is attributed to higher sales volume in EMEA and Americas.
Cost of sales for the quarter was $8,605,000, representing 47% of sales, compared to 59% in the same quarter of the previous year. This decrease in cost ratio is due to improved gross margin from a 10% price increase implemented in fiscal year 2024.
The company reported a gross profit of $9,557,000 for the quarter, compared to $5,408,000 in the previous year, with the increase attributed to higher sales volume and improved pricing.
Selling, general, and administrative expenses decreased to $5,758,000 from $6,372,000, primarily due to reduced professional service fees following the business combination.
Research and development expenses increased to $1,911,000 from $1,584,000, driven by amortization of capitalized software and increased employee compensation.
Net loss for the quarter was $234,000, compared to $2,484,000 in the previous year. The improvement is due to increased gross profit and reduced selling expenses.
Cash used in operating activities was $1,534,000, while cash used in investing activities was $423,000, primarily for property and equipment purchases.
Cash provided by financing activities was $756,000, mainly from the issuance of convertible debt.
DIH had a working capital deficit as of September 30, 2024. The company acknowledges its need to explore financing alternatives to meet future obligations.
The filing also details the issuance of $3.3 million in convertible debt, maturing on December 7, 2025, and associated warrants to purchase 330,000 shares of common stock.
DIH continues to focus on expanding its sales of medical rehabilitation devices and services in EMEA and Americas, while managing costs and exploring additional financing options.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DIH Holding US Inc. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.