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