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Karbon-X Corp (KARX0.00%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing a significant increase in sales to $1,175,060 from $36,082 in the same quarter the previous year. This increase is attributed to the successful launch of the Devvstream contract and growth in app subscriptions and carbon credit sales.
Cost of sales for the quarter was $644,237, compared to $13,652 in the same quarter of the previous year. The increase in cost of sales corresponds with the expansion of sales volume and business activities.
Operating expenses increased to $1,735,881 from $303,357, primarily due to higher marketing expenses, increased salaries and wages, and professional fees.
The company reported an operating loss of $1,205,058 for the quarter, compared to $280,927 in the previous year, as increased operating expenses offset revenue gains.
For the six months ended November 30, 2024, Karbon-X reported revenue of $1,302,489, a substantial increase from $39,840 in the same period in 2023, driven by the Devvstream contract.
Operating expenses for the six-month period were $2,561,565, compared to $628,830 in the previous year, reflecting investments in marketing, payroll, and professional services.
The company recorded an operating loss of $1,997,411 for the six-month period, compared to $603,191 in the previous year, due to increased expenses.
Cash used in operating activities was $3,364,533, while cash from financing activities was $2,240,772. Cash at the end of the period was $1,459,681.
The filing also details a Carbon Credit Forward Purchase Agreement with DevvStream Holdings Inc., involving the sale of carbon credits for shares of New Pubco.
Karbon-X continues to focus on expanding its market presence and developing its app and partnerships to drive future revenue growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Karbon-X Corp quarterly 10-Q report dated January 21, 2025. To report an error, please email earnings@qz.com.