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Laser Photonics Corporation (LASE+0.46%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $716,697 from $1,303,205 in the same quarter the previous year. The decrease is primarily due to the timing of orders expected to be booked in Q3 2024.
Cost of sales for the quarter was $107,277, leading to a gross profit of $609,420, compared to $969,880 in the previous year.
Operating expenses for the quarter increased to $2,315,317 from $1,860,774, with significant expenses in sales and marketing, general and administrative, and payroll.
The company reported an operating loss of $1,705,897 for the quarter, compared to a loss of $890,894 in the previous year.
Net loss for the quarter was $1,625,268, compared to $895,109 in the previous year.
Cash used in operating activities was $6,443,099, while cash used in investing activities was $288,628. Cash provided by financing activities was $2,652,350.
As of September 30, 2024, Laser Photonics had a working capital of $3,879,770, down from $8,262,302 as of December 31, 2023.
The filing also discusses the company's ongoing strategy to stay ahead in technology development and the challenges posed by supply chain constraints.
Laser Photonics does not report any legal proceedings or defaults on senior securities in this filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Laser Photonics Corporation quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.