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Intelligent Bio Solutions Inc. (INBS+6.37%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $607,494 from $764,063 in the same quarter the previous year. The decrease is attributed to instability in the construction sector, resulting in lower sales of readers.
Cost of revenue for the quarter was $384,381, compared to $564,815 in the same quarter of the previous year. The decrease is due to enhanced production capacity and reduced direct costs.
The company reported a gross profit of $223,113 for the quarter, compared to $199,248 in the previous year, with the increase attributed to higher-margin cartridge sales.
Government support income for the quarter was $133,640, down from $153,204 in the previous year, primarily due to timing of qualifying research and development expenditures.
Selling, general, and administrative expenses increased to $1,809,114 from $1,705,044, primarily due to higher consulting, marketing, and travel costs.
Net loss for the quarter was $2,256,797, compared to $1,976,383 in the previous year. The increase is attributed to higher development and regulatory approval expenses.
The company raised approximately $676,619 through an At The Market Offering Agreement with Ladenburg Thalmann & Co. Inc., issuing 438,367 shares of common stock during the period.
Intelligent Bio Solutions has a working capital deficit of $341,243 as of December 31, 2024. The company anticipates operating losses for the foreseeable future and may require additional financing.
The filing also details the company's strategic initiatives, including the submission of its 510(k) premarket notification to the FDA for its Intelligent Fingerprinting Drug Screening System.
Intelligent Bio Solutions continues to focus on expanding its product offerings and improving production efficiency to enhance its financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Intelligent Bio Solutions Inc. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.