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EvoAir Holdings Inc (EVOH). has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports a decrease in revenue to $51,929 from $91,318 in the same quarter of the previous year, attributed to reduced sales of eco-friendly air-conditioning units.
Cost of revenue for the quarter was $90,110, representing 174% of sales, compared to 110% in the same quarter of the previous year. The increase in cost ratio is due to the fixed nature of certain operational costs.
The company reported a gross loss of $38,181 for the quarter, compared to $9,008 in the previous year, with the decline attributed to a decrease in revenue.
Operating expenses increased significantly to $4,602,876 from $1,516,992, primarily due to a rise in stock-based compensation.
Net loss for the quarter was $4,640,904, compared to $1,524,321 in the previous year. The increase in net loss is primarily due to higher operating expenses.
Cash used in operating activities was $41,533, while cash used in financing activities was $2,346.
EvoAir had a working capital deficit of $1,305,247 as of November 30, 2024. The company is actively pursuing strategic initiatives to enhance working capital and ensure long-term financial stability.
The filing also details a reverse stock split at a ratio of 1-for-4, reducing the number of outstanding shares to 25,685,591.
EvoAir continues to focus on expanding its HVAC product offerings and penetrating new markets to drive revenue growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the EvoAir Holdings Inc quarterly 10-Q report dated January 17, 2025. To report an error, please email earnings@qz.com.