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N2OFF Inc. (NITO+5.64%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, including its focus on developing eco-friendly solutions for the food industry and its involvement in renewable energy projects through its joint venture with Solterra Renewable Energy Ltd.
N2OFF reported revenues of $210,000 for the year, a decrease from $263,000 in the previous year, attributed to a decline in sales in Mexico.
The company incurred a net loss of $5,347,000, compared to a net loss of $7,260,000 in the previous year. The decrease in net loss is primarily due to reduced research and development expenses.
N2OFF's operating expenses included $369,000 in research and development, $238,000 in selling and marketing, and $3,758,000 in general and administrative expenses.
The company highlighted its strategic focus on converting pilot projects into commercial applications and emphasized its efforts to secure additional financing to support its operations.
N2OFF's balance sheet shows total assets of $5,465,000, with cash and cash equivalents of $2,185,000 as of December 31, 2024.
The filing also discusses the impact of the ongoing conflict in Israel on its operations and the challenges faced in conducting pilots and packaging activities.
N2OFF's management has expressed substantial doubt about the company's ability to continue as a going concern, citing the need for additional financing to support operations beyond the fourth quarter of 2025.
The company is exploring various financing options, including the sale of equity securities and strategic partnerships, to address its liquidity needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the N2OFF Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.