Wed, Aug 14, 7:36 PM (153 days ago)
For Q2 2024, Aclarion, Inc. reported revenues of $10,971, a 36% decline from $17,072 in Q2 2023, reflecting reduced clinical activity. Cost of revenue increased by 21% to $23,294, leading to a gross loss of $12,323. Total operating expenses decreased by 20% to $1,123,238, driven by lower general and administrative costs. The net loss for the quarter narrowed to $1,238,077, or $0.15 per share, from $1,464,557, or $2.83 per share, a notable improvement in loss per share. For the first half of 2024, total revenue dropped 50% to $21,085. Operating cash flow was negative at $3,293,096, with significant reductions in accounts payable and accrued expenses. The company raised $3 million through a public offering and utilized an equity line, ending the period with cash and equivalents of $1,182,687. Aclarion faces liquidity challenges and must secure additional funding to sustain operations, particularly as it approaches the maturity of its unsecured notes in September 2024. The company is also addressing compliance with Nasdaq listing requirements following a reverse stock split.