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Nixxy Inc (NIXXW0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenue of $0.1 million for the quarter, a decrease from $0.2 million in the same quarter of the previous year, primarily due to a transition of the Recruiters on Demand business.
Cost of revenue was reported as $0 for the quarter, compared to $0.3 million in the previous year, reflecting a shift to higher margin revenue streams.
The company reported a gross profit of $0.1 million for the quarter, compared to a gross loss of $70,000 in the previous year.
Operating expenses increased to $5.6 million from $2.0 million, driven by a rise in general and administrative expenses.
Net loss from continuing operations was $13.3 million, compared to $1.3 million in the previous year.
For the nine months ended September 30, 2024, revenue was $0.5 million, down from $3.0 million in the previous year, with decreases across several business lines.
Cost of revenue for the nine-month period was $3,000, compared to $2.2 million in the previous year, reflecting a shift in revenue mix.
Operating expenses for the nine-month period were $8.0 million, up from $6.9 million, with an increase in general and administrative expenses.
Net loss for the nine-month period was $15.1 million, compared to $5.9 million in the previous year.
Nixxy reported cash and cash equivalents of $2.2 million as of September 30, 2024, and noted the need for additional capital to meet future obligations.
The company is undergoing a strategic transformation, including a planned spin-out of certain assets to its subsidiary, Atlantic Energy Solutions, which is being renamed CognoGroup.
The filing also details various legal proceedings, including ongoing litigation with BKR Strategy Group and Pipl, Inc.
Nixxy identified material weaknesses in its internal controls over financial reporting due to insufficient staffing and technical expertise.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nixxy Inc. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.