Elevai Labs Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, reporting revenue of $527,478, a decrease from $554,654 in the same quarter the previous year. The decrease is attributed to a reduction in sales of Empower products, partially offset by an increase in Enfinity sales.
Cost of revenue for the quarter was $133,577, compared to $188,509 in the same quarter of the previous year, resulting in a gross profit of $393,901, up from $366,145.
Operating expenses for the quarter were $1,313,738, an increase from $1,151,696 in the previous year, primarily due to higher consulting and professional fees.
Net loss for the quarter was $1,501,257, compared to $783,047 in the previous year. The increase in net loss is primarily due to higher operating expenses and other expenses.
Cash used in operating activities for the nine months ended September 30, 2024, was $3,486,435, compared to $2,168,661 in the previous year.
Elevai Labs had a working capital of $6,097,404 as of September 30, 2024, up from $3,622,091 at the end of the last fiscal year. The company continues to depend on equity financing to support its operations.
The filing also details recent developments, including the issuance of common stock and warrants, and the resignation of key executives.
Elevai Labs does not anticipate cash dividend payments to common stockholders in the near future.
The company identified substantial doubt regarding its ability to continue as a going concern, citing accumulated deficits and net losses.
Elevai Labs focuses on expanding its product portfolio and exploring strategic acquisitions and spin-offs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Elevai Labs Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.