Mon, Aug 19, 7:59 PM (334 days ago)
For the quarter ended June 30, 2024, EOS Inc. reported a significant decline in net sales to $19,703, down 76.1% from $82,426 in the same period last year, attributed to decreased consumer demand. Cost of sales also decreased by 47.8%, leading to a gross profit of $4,804, with a gross margin of 24.4%, compared to 65.4% previously. Selling, general, and administrative expenses slightly decreased to $212,877. Consequently, the loss from operations rose to $208,073, a 26.4% increase year-over-year. Net loss was $150,874, a reduction from $165,108 in Q2 2023, primarily due to other income of $57,199, stemming from recovering previously recognized credit losses. For the six months ended June 30, 2024, net sales fell 70.9% to $73,827, with a net loss of $194,082, improving from a loss of $295,245 in the prior year. Cash and cash equivalents decreased to $10,703, reflecting a working capital deficit of $1,212,650. The company is facing uncertainties regarding its ability to continue operations without additional funding.