In This Story
Unusual Machines, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $1,531,264, which were generated following the acquisitions of Fat Shark Holdings Ltd. and Rotor Riot, LLC.
Cost of goods sold for the quarter amounted to $1,131,777, resulting in a gross profit of $399,487.
Operating expenses for the quarter totaled $1,860,539, with significant costs attributed to general and administrative expenses of $1,374,989.
The company reported a net loss of $2,144,250 for the quarter, which includes a loss on debt extinguishment of $685,151.
Cash used in operating activities was $2,718,513 for the nine months ended September 30, 2024, while cash used in investing activities was $852,801.
Cash provided by financing activities was $4,362,313, primarily from the proceeds of the company's initial public offering.
Unusual Machines had a working capital of $2,499,070 as of September 30, 2024, and believes it has sufficient resources to support operations for at least the next 12 months.
The filing details the issuance of convertible notes and warrants, as well as the company's acquisition strategy and recent private placement agreements.
The company acknowledges a material weakness in its internal control over financial reporting and is taking steps to address this issue.
Unusual Machines continues to focus on integrating its recent acquisitions and expanding its presence in the commercial drone industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Unusual Machines Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.