10-Q - Orgenesis Inc. (0001460602) (Filer)

Wed, Nov 13, 1:02 PM (237 days ago)

Orgenesis Inc. (ORGS) reported its Q3 2024 results with revenue of $347,000, a 215% increase from $110,000 in Q3 2023, driven by cell processing services. However, the gross loss expanded to $238,000 from $29,000 due to a 321% increase in cost of revenues, primarily from reconsolidation of Octomera. Operating loss for the quarter was $8.394 million, up from $2.235 million, with net loss reaching $9.266 million compared to $3.725 million year-over-year. For the nine months ending September 30, 2024, revenues totaled $734,000, up 101% from $365,000. The company incurred significant operating losses of $21.574 million, down from $46.901 million in the prior year. Current liabilities surged to $36.049 million, leading to a working capital deficit of $33.530 million, raising doubts about the company's ability to continue as a going concern. Orgenesis' common stock was delisted from Nasdaq and now trades on OTCQX. The company faces challenges in raising capital, exacerbated by geopolitical uncertainties in Israel and ongoing financial difficulties. Future operations hinge on securing additional funding.