Thu, Nov 14, 9:22 PM (247 days ago)
Zivo Bioscience, Inc. (ZIVO) reported a significant increase in revenue for Q3 2024, reaching $31.5K, up from $11.8K in Q3 2023, driven by increased product volume from its algal biomass. However, the company continues to face substantial losses, with a net loss of $2.27M for the quarter compared to $1.82M in the prior year, reflecting rising operational costs, particularly in general and administrative expenses, which surged to approximately $1.94M. Research and development expenses also increased to $326K, underscoring ongoing investment in product development. For the nine months ending September 30, 2024, total revenue was $67.2K, a stark increase from $15.9K in the same period last year, but the net loss ballooned to $11.78M from $5.87M, primarily due to higher labor costs and professional services. ZIVO's cash position has deteriorated, with cash at $159.4K as of September 30, 2024, raising concerns about its ability to sustain operations without additional funding. The company has indicated a need for approximately $6M over the next 12 months to support basic operations, highlighting the urgency for capital raising initiatives amid ongoing operational uncertainties.