Mon, Jun 10, 8:08 PM (133 days ago)
CleanCore Solutions, Inc. reported a net loss of $520,670 for Q1 2024, a 60.82% increase from Q1 2023. Revenue decreased by 49.48% to $313,920, primarily due to a one-time order in March 2023. Cost of sales dropped 53.01%, improving gross profit margins from 40.69% to 44.83%. General and administrative expenses rose 11.33% to $559,398, driven by increased payroll costs. Advertising expenses surged 702.58% due to higher trade show sponsorships. Interest expense increased to $84,093, reflecting higher borrowing costs. For the nine months ended March 31, 2024, revenue fell by 54.49% to $898,010. Despite a 66.14% reduction in cost of sales, gross profit declined by 29.16%. General and administrative expenses decreased by 71.73% due to lower stock option expenses. The company raised $5 million in an IPO in April 2024, with net proceeds of approximately $4.24 million, but management believes additional capital is needed to meet future expenditures.