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OmniTek Engineering Corp (OMTK-7.24%) 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 revenues to $277,365 from $235,379 in the same quarter the previous year. The increase is attributed to increased export sales.
Cost of sales for the quarter was $156,074, with a gross margin percentage of 44%, compared to 43% in the same quarter of the previous year.
Operating expenses for the quarter were $149,694, nearly unchanged from $149,700 in the previous year.
The company reported a net loss of $32,841 for the quarter, compared to a net loss of $34,717 in the previous year.
For the nine months ended September 30, 2024, revenues were $781,412, up from $712,303 in the previous year, primarily due to increased export sales.
Cost of sales for the nine-month period was $465,602, with a gross margin of 40%, compared to 42% in the previous year.
Operating expenses for the nine-month period were $507,839, up from $470,358 in the previous year.
The company reported a net loss of $207,655 for the nine-month period, compared to a net loss of $171,474 in the previous year.
OmniTek had negative cash flow from operations of $26,295 for the nine-month period, compared to negative cash flow of $64,332 in the previous year.
The company had no cash flow from financing activities for the nine-month period, compared to positive cash flow of $15,113 in the previous year.
OmniTek reported negative cash flow from investing activities of $6,335 for the nine-month period, related to purchases of fixed assets.
The filing also details various financial agreements and notes payable, including a convertible note with a board member and a loan from the SBA.
OmniTek is involved in a legal proceeding as a cross-defendant in a case filed in California, which it intends to defend vigorously.
OmniTek acknowledges its dependence on future financing to meet its obligations and continue operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OmniTek Engineering Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.