Fri, Aug 16, 10:04 AM (151 days ago)
CQENS Technologies Inc. reported a net loss of $895,176 for Q2 2024, a decrease from $1,095,522 in Q2 2023, reflecting an 18.3% reduction in operating expenses. The company’s cash reserves increased significantly to $3,379,223 from $350,565 at year-end 2023, aided by $4,073,000 raised through common stock sales. Despite these gains, CQENS continues to face challenges, including a reliance on future capital raises estimated between $5 million and $10 million to sustain operations and product development. The company reported no revenue and an accumulated deficit of $25,745,726 as of June 30, 2024. Research and development expenses rose 13.1% year-over-year, indicating ongoing investment in product development. The firm is navigating uncertainties related to market conditions and the potential impact on future operations, particularly concerning regulatory submissions and strategic partnerships. The report highlights the company's ongoing liquidity concerns and the need for significant capital to ensure continued operations.