Wed, Sep 11, 9:24 PM (101 days ago)
For the quarter ending June 30, 2024, Nukkleus Inc. reported a significant decline in revenue, generating $175,214 compared to $5,212,056 in the same period last year, largely due to the termination of its General Services Agreement with Triton Capital Markets (TCM). The company incurred a net loss of $1,616,241, an increase of 33.6% from the previous year's loss of $1,209,744. For the nine months ended June 30, 2024, total revenues were $5,677,362, down from $16,222,388 in 2023, with a net loss of $12,973,753 compared to $3,149,315 a year prior. The firm faced a working capital deficit of approximately $11.4 million, exacerbated by a significant reduction in cash and receivables. Operating cash flow was negative at $2,619,117, reflecting ongoing financial difficulties. The company has been reliant on financing activities, raising $2,296,823 through loans and convertible debt to support operations. Nukkleus has expressed uncertainty about its ability to continue as a going concern without additional capital. Future operations may be impacted by these financial challenges, alongside ongoing strategic shifts in its business model.