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Perfect Moment Ltd. (PMNT+2.94%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total net revenue of $11,658,000 for the three months ended December 31, 2024, a decrease from $12,726,000 in the same period the previous year. The decrease is attributed to the end of a collaboration with Hugo Boss.
Cost of goods sold for the quarter was $5,269,000, down from $6,099,000 in the previous year. This resulted in a gross profit of $6,389,000 compared to $6,627,000 in the previous year.
Selling, general, and administrative expenses increased to $6,649,000 from $4,420,000, primarily due to higher stock compensation expenses and legal fees.
Marketing and advertising expenses decreased to $1,034,000 from $1,479,000 due to lower costs associated with leveraging a collaboration with Diageo.
Net loss for the quarter was $2,482,000, compared to a net income of $1,204,000 in the same period the previous year.
The company reported a negative adjusted EBITDA of $671,000 for the quarter, down from a positive $1,749,000 in the previous year.
Perfect Moment is focusing on strategies to improve margins, including expanding direct-to-consumer sales and optimizing its supplier base.
The filing also notes that the company is not in compliance with NYSE American's minimum stockholders’ equity requirements and has submitted a plan to regain compliance by June 2026.
Perfect Moment continues to explore international expansion opportunities, particularly in China, and plans to enhance its wholesale network and product offerings.
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 February 14, 2025. To report an error, please email earnings@qz.com.