Tue, Jan 21, 10:11 PM (27 days ago)
For the quarter ending November 30, 2024, Karbon-X Corp. (KARB) reported significant revenue growth, achieving $1,175,060, a 3,157% increase from $36,082 in Q4 2023, primarily driven by the Devvstream contract. However, operating expenses surged by 472% to $1,735,881, largely due to marketing, payroll, and professional fees. This resulted in an operating loss of $1,205,058, worsening from a loss of $280,927 in the prior year. For the six-month period, revenue also rose to $1,302,489, a 3,169% increase, while costs of sales reached $738,335, reflecting the scale-up in operations. Operating losses for the six months were $1,997,411, compared to $603,191 in 2023. Cash flow remains a concern, with cash reserves declining to $1,459,681 from $2,675,400. The company continues to rely on equity sales and convertible notes for financing, raising $2,240,772 in the latest period. With substantial ongoing losses and the need for additional capital, Karbon-X faces uncertainties in its operational viability. Future growth is contingent on successful fundraising and revenue generation from its carbon credit and subscription services, as well as the execution of its business plan.