Fri, Jun 28, 8:55 PM (208 days ago)
FOXO Technologies Inc. reported a net loss of $1,504 for Q1 2024, significantly improving from a $7,639 loss in Q1 2023. Revenue decreased by 46% to $7, driven by lower royalty and insurance commission earnings. Operating expenses dropped by 84% to $1,186, primarily due to reduced employee-related costs and the completion of a consulting agreement. Despite these improvements, the company faces financial challenges with a working capital deficit of $16,810 and an accumulated deficit of $14,937. Cash flow from operations improved to $1,716, but the company has minimal cash reserves of $3. The company is actively pursuing additional funding and strategic acquisitions to sustain operations. Significant uncertainties include ongoing NYSE compliance issues and default on Senior PIK Notes, indicating substantial doubt about continuing as a going concern.