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NexGel Inc (NXGL-3.48%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in revenues to $8,688,000 from $4,089,000 in the previous year. The increase is attributed to sales growth in branded consumer products, including contributions from the Silly George acquisition.
Cost of revenues for the year was $5,940,000, compared to $3,715,000 in the previous year. This increase is aligned with the sales of branded consumer products.
The company reported a gross profit of $2,748,000 for the year, compared to $374,000 in the previous year.
Selling, general, and administrative expenses increased to $6,224,000 from $3,748,000, primarily due to increased advertising and marketing expenses.
Net loss for the year was $3,463,000, compared to a net loss of $3,188,000 in the previous year.
Cash used in operating activities was $3,867,000, while cash used in investing activities was $775,000. Cash provided by financing activities was $3,749,000.
NexGel had a working capital of $2,644,000 as of December 31, 2024. The company acknowledges its dependence on continued sales growth and potential financing to meet future obligations.
The filing also details various business developments, including the acquisition of the Silly George brand and the formation of a joint venture with CG Laboratories, Inc.
NexGel continues to focus on expanding its consumer product lines and exploring strategic partnerships to enhance its market presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NexGel Inc annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.