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Sonoma Pharmaceuticals Inc. (SNOA-1.24%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a total revenue of $3,564,000, an increase from $3,138,000 in the same quarter the previous year. The revenue increase was driven by higher sales in Europe, Asia, and Latin America.
Cost of revenues for the quarter was $2,294,000, representing 64% of sales, compared to 53% in the same quarter of the previous year. This increase in cost ratio impacted the gross profit, which decreased to $1,270,000 from $1,460,000.
Research and development expenses decreased to $427,000 from $601,000, with the decrease attributed to the timing of product development and regulatory efforts.
Selling, general, and administrative expenses increased to $1,874,000 from $1,703,000, primarily due to fluctuations in corporate spending.
Net loss for the quarter was $928,000, slightly up from $866,000 in the previous year. The net loss per share was $0.63, compared to $1.59 in the previous year.
Cash provided by operating activities was $7,000, while cash used in investing activities was $33,000. Cash provided by financing activities was $2,788,000.
Sonoma had a working capital of $8,677,000 as of December 31, 2024. The company acknowledges its dependence on additional capital resources to continue operations.
The filing also details the company's focus on developing and producing stabilized hypochlorous acid products for various healthcare applications.
Sonoma continues to sell its products in 55 countries worldwide, either directly or through partners, and highlights its strategic partnerships for distribution.
The company identified material weaknesses in its internal controls over financial reporting and is actively engaged in remediation efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sonoma Pharmaceuticals Inc. quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.