Mon, Aug 19, 12:08 PM (148 days ago)
For the quarter ended June 30, 2024, FOXO Technologies Inc. reported net revenues of $28,000, a significant increase from $12,000 in Q2 2023, primarily due to the acquisition of Myrtle Recovery Centers. The company incurred a net loss of $2,164,000, down 81% from $11,293,000 in the same quarter last year, attributed to reduced operating expenses, particularly in research and development and selling, general, and administrative costs. Operating expenses totaled $1,617,000, a notable decrease of 79% from $7,617,000, driven by the cessation of certain projects and lower compensation costs. The company reported cash flow from operations of $551,000, marking an improvement over the prior year's cash usage of $5,300,000. Despite this, FOXO's working capital deficit stood at $20,817,000, with total liabilities of $23,073,000. FOXO's financial health remains uncertain, necessitating additional capital to fund operations beyond December 2024. The company is actively pursuing equity and debt financing while addressing compliance issues with NYSE listing standards. The acquisition of Myrtle is expected to enhance cash flow, although future performance remains contingent on successful operational integration and market conditions.