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SOBR Safe Inc (SOBR+5.95%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenues of $46,129 for the three-month period, an increase from $36,274 in the same period the previous year, primarily due to sales of SOBRsureTM devices and SaaS subscriptions.
Cost of goods and services for the quarter was $15,992, resulting in a gross profit of $30,137, with a gross margin of 65%. This is an increase from a gross profit of $16,079 and a gross margin of 44% in the previous year.
General and administrative expenses rose to $1,499,296 from $1,358,749, attributed to increased legal and marketing expenses, despite a decrease in payroll and benefits costs.
Stock-based compensation expense decreased to $184,243 from $509,999 due to previously issued awards becoming fully vested or forfeited.
Research and development expenses were $194,466, a slight decrease from $214,374, reflecting the timing of product and software development projects.
Interest expense decreased significantly to $5,908 from $179,014 due to the conversion of outstanding convertible debt to equity.
The company reported a net loss of $1,841,210 for the quarter, down from $2,197,380 in the previous year, primarily due to reduced operating expenses and interest costs.
For the nine-month period, revenues were $148,310, an increase from $121,743 the previous year, driven by SOBRsureTM device sales.
General and administrative expenses for the nine months decreased to $4,310,791 from $4,843,082, due to reductions in payroll, professional services, and travel expenses.
Net cash used in operating activities was $4,911,028, reflecting a net loss of $6,424,505, offset by non-cash expenses and changes in working capital.
The company completed a 1-for-110 reverse stock split on October 2, 2024, and entered a private placement transaction for $8.2 million on October 7, 2024.
SOBR Safe Inc. continues to focus on expanding its product offerings and generating revenue through direct sales, channel partners, and licensing agreements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SOBR Safe Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.