Thu, Aug 22, 10:04 AM (145 days ago)
Adamas One Corp. reported a challenging financial quarter ending December 31, 2023. The company generated net sales of $219,804, a significant decline from $726,125 in the same quarter of 2022. This resulted in a gross loss of $66,965, with a gross profit margin plummeting to -30.4% from 81.14% year-over-year. Total operating expenses decreased to $1.8 million from $7.3 million, primarily due to reduced salaries and administrative costs. The net loss for the quarter was $3 million, a notable improvement compared to the $9 million loss in Q4 2022. Cash reserves stood at $340,424, down from $3.5 million a year earlier. Cash used in operations was approximately $712,465. The company faces liquidity challenges and has expressed substantial doubt about its ability to continue as a going concern without securing additional financing. The management highlighted ongoing efforts to commercialize diamond production while managing operational costs. The future remains uncertain, with the need for further capital to sustain operations and growth initiatives.