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TurnOnGreen, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $1,290,000 from $1,166,000 in the same quarter the previous year. The increase is attributed to higher sales from defense industry customers.
Cost of revenue for the quarter was $615,000, compared to $1,138,000 in the same quarter of the previous year. The decrease in cost is due to a reduction in obsolete inventory expenses.
The company reported a gross profit of $675,000 for the quarter, compared to $28,000 in the previous year, with the increase attributed to higher margin sales.
Operating expenses for the quarter were $1,235,000, compared to $1,202,000 in the previous year. This increase is primarily due to higher payroll expenses.
Net loss for the quarter was $660,000, down from $1,199,000 in the previous year. After preferred dividends, net loss attributable to common shareholders was $660,000, compared to $1,710,000 in the previous year.
Cash used in operating activities was $1,972,000, while cash used in investing activities was $53,000. Cash provided by financing activities was $2,037,000.
TurnOnGreen had cash and cash equivalents of $33,000 as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern.
The filing also details various financial agreements, including an amendment to the Loan and Security Agreement with Hyperscale Data, Inc.
TurnOnGreen does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting, including insufficient resources in its accounting function.
TurnOnGreen continues to focus on expanding its electric vehicle infrastructure solutions and power products to a broader market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TurnOnGreen Inc. Warrants (26/06/2028) quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.