Wed, May 15, 8:54 PM (72 days ago)
Correlate Energy Corp.'s Q1 2024 financial report shows significant growth in revenue but also substantial increases in expenses and net losses. Key highlights include: 1. **Revenue**: Increased to $432,799, up from $50,734 in Q1 2023, driven by expanded operations in engineering, procurement, and construction services for solar energy projects. 2. **Gross Profit**: Rose to $51,577 from $4,875, reflecting improved operational efficiency. 3. **Operating Expenses**: Increased to $3,032,975 from $1,208,148, primarily due to higher stock-based compensation, payroll, and consulting fees. 4. **Net Loss**: Widened to $4,476,442 from $3,410,353, impacted by higher operating costs and interest expenses. 5. **Cash Flow**: Cash used in operating activities increased to $1,276,015 from $1,089,233. Cash at the end of the period was $101,665, down from $1,412,379. 6. **Debt**: Convertible notes and other debt increased, with significant portions maturing in 2024 and 2025. 7. **Future Financing**: The company secured an $800,000 bridge loan in April 2024 to support ongoing operations. Overall, while revenue growth is strong, the company faces challenges with high operating costs and cash flow management.