Wed, Aug 14, 7:31 PM (327 days ago)
Nukkleus Inc. reported significant declines in revenue and increased losses for the quarter ending March 31, 2024. Revenues dropped to $259,757 from $5,633,944 in the same period last year, primarily due to the termination of a General Services Agreement with Triton Capital Markets Ltd. (TCM) effective January 1, 2024. The company's total costs also fell, leading to a gross profit of $196,561 for financial services, contrasting with a loss in the prior year. Operating expenses surged to $2,616,410, largely driven by professional fees and stock-based compensation. The net loss for the quarter was $2,429,417, a 201.5% increase year-over-year. The company reported a working capital deficit of approximately $10,984,000, raising concerns about its ability to continue as a going concern without raising additional capital. Cash flow from operations remained negative at $1,878,608, while financing activities provided $1,666,098. The company is exploring options to raise capital through equity or debt financing to support ongoing operations and future growth initiatives.