Mon, Aug 19, 9:18 PM (148 days ago)
For the quarter ended June 30, 2024, Strategic Environmental & Energy Resources, Inc. (SEER) reported revenues of $761.9K, a 4% increase from $731.2K in Q2 2023, driven by kiln deliveries to BioChar. However, the company incurred a net loss of approximately $676K, compared to a loss of $440.8K in the same quarter last year. Operating expenses rose to $1.24M from $1.12M, primarily due to increased product costs linked to kiln deliveries. For the six months ended June 30, 2024, total revenues were $1.75M, up 36% from $1.28M in 2023. Despite this growth, the company recorded a net loss of $1.03M, an improvement from $1.22M in 2023. The accumulated deficit increased to $35.4M, reflecting ongoing financial challenges. Cash flow from operations showed improvement, with net cash used at $345.6K compared to $985K in 2023. The company continues to face uncertainties regarding its ability to sustain operations, as current liabilities exceed current assets by approximately $12.6M. Future operations depend on securing additional financing and enhancing revenue streams to achieve profitability.