Tue, Aug 20, 7:21 PM (25 days ago)
P2 Solar, Inc. reported a significant decline in revenue for Q2 2024, generating $15,609 compared to $39,667 in Q2 2023, marking a 61% decrease. This reduction in sales, attributed to the company's recent operational challenges, coupled with a decrease in cost of goods sold, resulted in a gross profit of $15,317, down from $21,741. Operating expenses decreased by 35% to $34,867, primarily due to lower professional fees, leading to an operating loss of $19,550, a 39% improvement compared to the previous year. The net loss for the quarter was $35,592, compared to $25,766 in the prior year, while comprehensive loss improved significantly to $17,207 from $63,537, largely due to reduced foreign currency losses. The company's current liabilities slightly increased, resulting in a working capital deficiency of $1,853,067. Cash flow from operations showed a net usage of $8,743, with financing activities resulting in a net outflow of $8,890. The company faces substantial uncertainty regarding its ability to continue operations, reliant on raising additional capital to support ongoing expenses and future growth initiatives.