Perfect Moment Ltd. (PMNT) Quarterly 10-Q Report

The report was filed on November 14, 2024

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Perfect Moment Ltd. (PMNT-0.57%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing reports a total revenue of $3,833,000 for the quarter, a decrease from $5,888,000 in the same quarter of the previous year. The decrease is mainly attributed to the end of a collaboration with Hugo Boss (BOSSY-6.67%).

The company's gross profit for the quarter was $2,071,000, down from $3,279,000 in the previous year, with a gross margin of 54% compared to 56% in the prior year.

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Selling, general, and administrative expenses increased to $3,923,000 from $2,693,000, primarily due to higher stock compensation expenses and increased personnel costs.

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Marketing and advertising expenses decreased to $705,000 from $888,000, reflecting a reduction in event costs.

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Net loss for the quarter was $2,744,000, compared to a net loss of $1,511,000 in the previous year.

Cash used in operating activities was $7,734,000, while cash provided by financing activities was $2,507,000.

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Perfect Moment reported cash and cash equivalents of $725,000 as of September 30, 2024, with an additional $1,825,000 in restricted cash.

The company continues to focus on expanding its ecommerce platform and is exploring additional financing options to support its operations.

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Perfect Moment has identified a material weakness in its internal controls over financial reporting, which it is working to address.

The company is pursuing strategies to improve margins, including enhancing its direct-to-consumer sales and optimizing its supply chain.

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This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Perfect Moment Ltd. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.