Thu, Jun 26, 7:51 PM (18 days ago)
**Summary of FlooidCX Corp. (FLXC) Q2 2024 Financial Performance** **Revenue and Profitability:** - FlooidCX Corp. reported significant revenue growth, with $4.0M and $5.0M in revenue for Q2 and H1 2024, respectively, compared to $0 in the previous year periods. - The company achieved net income of $2.3M for Q2 2024 and $3.1M for H1 2024, reversing previous losses of $28.2K and $116.2K in Q2 and H1 2023, respectively. **Operational Metrics:** - Gross profit margins improved substantially due to increased revenue from distributor license sales. - Operating expenses increased to $1.5M in Q2 2024 from $22.1K in Q2 2023, primarily due to higher advertising, professional fees, and operational costs associated with scaling up operations. **Cash Flow and Liquidity:** - The company reported positive cash flow from operations of $1.2M for H1 2024, a significant improvement from the previous period. - Cash and cash equivalents stood at $236.3K as of June 30, 2024, up from $0 at the beginning of the year. **Future Operations and Impact:** - FlooidCX Corp. is expanding its operations, opening new offices and securing contracts for Direct Energy System installations. - The company anticipates continued growth in revenue from both license sales and system installations, with projected installation fees exceeding $150M and recurring revenue contracts over $100M for the fiscal year 2025. **Uncertainties and Risks:** - The company's financial health is contingent on securing adequate funding for installations and maintaining steady sales of licenses. - Risks include potential delays in project funding, fluctuations in foreign exchange rates, and the need to address material weaknesses in internal controls over financial reporting. **Conclusion:** FlooidCX Corp. demonstrated strong financial health and performance in Q2 2024, with significant revenue growth and improved profitability. The company is well-positioned for future growth, leveraging its proprietary technologies and expanding its operational footprint. However, it must navigate funding challenges and internal control weaknesses to sustain its momentum.