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Titan Environmental Solutions Inc Com (TESI0.00%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss from continuing operations of $10.4 million for the year, compared to a net loss of $128.7 million in the previous year. The decrease in net loss was primarily due to a significant reduction in stock-based compensation expenses and a decrease in the loss on extinguishment of convertible debt.
Revenue for the year increased by 54% to $9.6 million, primarily driven by the acquisition of Standard Waste Services, LLC, which contributed to the company's expanded operations.
Operating expenses decreased by 45% to $6.2 million, with notable reductions in stock-based compensation and professional fees.
The company completed the sale of its subsidiary, Recoup Technologies, Inc., for a total consideration of $1 million, which included the forgiveness of $750,000 in accounts payable and a $250,000 note receivable.
Titan Environmental Solutions Inc Com continues to focus on expanding its market presence through acquisitions and organic growth, with a strategic emphasis on non-hazardous solid waste management services.
The company reported a working capital deficit of $17.2 million as of December 31, 2024, raising substantial doubt about its ability to continue as a going concern without additional financing.
Titan Environmental Solutions Inc Com plans to seek additional funding through debt or equity financing to support its operations and growth strategy.
The company has identified certain material weaknesses in its internal controls over financial reporting, which it plans to address by enhancing its financial reporting processes and increasing its accounting personnel.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Titan Environmental Solutions Inc Com annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.