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Nature's Miracle Holding Inc. (NMHIW0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $3,052,727 from $2,690,690 in the same quarter the previous year. This increase is attributed to rising customer demand and new product lines.
Cost of revenue for the quarter was $2,824,614, representing 93% of sales, compared to 94% in the same quarter of the previous year. This slight decrease in cost ratio is due to improved purchasing conditions.
The company reported a gross profit of $228,113 for the quarter, compared to $158,768 in the previous year, with the increase attributed to higher sales volume.
Operating expenses increased to $2,223,550 from $579,827, primarily due to increased payroll, compensation expenses, and stock compensation expenses.
Net loss for the quarter was $2,750,336, up from $403,966 in the previous year. The increase in net loss is primarily due to higher operating expenses and interest expenses.
Nature's Miracle had a working capital deficit of $11.7 million as of September 30, 2024. The company acknowledges its dependence on financing to meet future obligations.
The filing also details various financial activities, including a securities purchase agreement and an underwriting agreement for public offering of units and pre-funded units.
The company continues to focus on expanding its product offerings and increasing its market presence in the Controlled Environment Agriculture industry.
The filing includes a cautionary statement regarding forward-looking statements and the potential risks and uncertainties that could affect future results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nature's Miracle Holding Inc. Warrants quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.