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Solidion Technology, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no sales revenue compared to $1,315 in the same quarter the previous year. Operating expenses increased to $4,193,006 from $1,439,900, primarily due to increased costs associated with validation testing, professional fees, and other administrative expenses.
The company reported an operating loss of $4,193,006 for the quarter, compared to a loss of $1,438,585 in the previous year.
Other expenses increased significantly, with a total other income (expense) of $(2,443,673), compared to $1,091 in the previous year. This was largely driven by a $7,232,835 gain from a change in the fair value of derivative liabilities and a $9,654,799 loss from the issuance of common stock and warrants.
Net loss for the quarter was $6,636,679, compared to $1,437,494 in the previous year.
Cash used in operating activities was $5,677,192 for the nine months ended September 30, 2024, compared to $3,298,947 in the previous year.
Solidion had cash and cash equivalents of $1,188,657 as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern due to recurring net losses and minimal sales.
The filing also details various financial agreements, including a private placement transaction in March 2024, which raised $3,850,000, and another in August 2024, which raised $4,000,000.
The company is focused on the commercialization and manufacturing of battery materials and next-generation battery cells, with minimal revenue generation from product samples.
Solidion continues to face risks associated with its operations, including the ongoing development of its technology, marketing, and distribution channels, as well as the enhancement of its supply chain and manufacturing capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Solidion Technology Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.