Wed, Sep 18, 1:19 PM (103 days ago)
Intelligent Bio Solutions Inc. (INBS) reported a significant financial performance improvement for the fiscal year ended June 30, 2024, with revenues of approximately $3.11 million, up 147.58% from $1.26 million in 2023. Gross profit surged by 336.41% to $1.43 million, reflecting a gross margin of 45.81%. The company incurred a net loss of $10.16 million, slightly reduced from a $10.63 million loss in the prior year, attributed to increased operational expenses, including a rise in selling, general, and administrative costs. The company raised approximately $14.56 million through various financing activities, including a public offering, warrant inducement transaction, and private placements, resulting in a cash balance of $6.30 million as of June 30, 2024. Despite these gains, INBS faces liquidity concerns, with substantial doubt about its ability to continue as a going concern without further capital. The acquisition of Intelligent Fingerprinting Limited has expanded INBS's market reach, but the company continues to navigate risks related to regulatory approvals, reliance on third-party suppliers, and compliance with extensive regulations. Future growth strategies include expanding into new markets and enhancing product offerings while addressing identified weaknesses in internal controls over financial reporting.