Wed, Aug 14, 7:10 PM (153 days ago)
Correlate Energy Corp. reported significant financial challenges in its quarterly results for the period ended June 30, 2024. Revenues declined to $1,863,242 from $4,158,122 year-over-year, with a gross loss of $717,904 compared to a gross profit of $1,074,808 in 2023, driven by project delays and cost overruns. Operating expenses rose 20% to $1,755,066, reflecting increased payroll and management costs. Notably, other expenses surged to $19,752,696, primarily due to a $16,861,344 loss from debt conversions into equity. The net loss for the quarter reached $22,225,666, substantially higher than $1,569,337 in the prior year. For the six-month period, the net loss totaled $26,702,108 against $4,979,690 in 2023. Cash decreased significantly to $255,290 from $1,412,379, with cash used in operations rising to $2,677,283. Future operations depend heavily on securing additional financing to support growth and operational stability. The company anticipates potential revenue increases as ongoing projects progress, but uncertainties remain regarding funding and operational execution.