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Retractable Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $10,346,857, a slight increase from $10,335,031 in the same quarter the previous year. Domestic sales accounted for 93.1% of the revenues.
Cost of manufactured products increased by 81.6% due to a rise in the volume of units sold and higher production costs. The company reported a gross loss of $14,810 compared to a gross profit of $4,320,681 in the previous year.
Operating expenses were reported at $5,120,934, slightly lower than $5,256,548 in the same quarter the previous year. The loss from operations was $5,135,744, compared to a loss of $935,867 in the previous year.
The company recorded an unrealized gain of $1,449,825 on debt and equity securities. The provision for income taxes was a benefit of $31,181 for the quarter.
Net loss for the quarter was $1,921,989, compared to a net loss of $4,060,496 in the previous year. After preferred dividends, net loss applicable to common shareholders was $1,979,600.
Cash used in operating activities was $10,452,299, while cash from investing activities was $2,100,432. Cash used in financing activities was $398,437.
The company reported total assets of $157,807,860, with cash and cash equivalents decreasing to $3,917,246 from $12,667,550 at the end of 2023.
Retractable Technologies highlighted the impact of recently enacted tariffs on products imported from China, which are expected to materially affect future operations and financial position.
The company continues to focus on shifting a larger portion of manufacturing to its domestic facility to mitigate tariff impacts, while acknowledging potential cost increases due to these changes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Retractable Technologies Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.