Tue, May 21, 1:22 PM (153 days ago)
Powerdyne International, Inc. reported a quarterly net loss of $95,702 for Q1 2024, compared to a net loss of $3,180 in Q1 2023. Revenues decreased to $275,739 from $450,274, primarily due to a backlog fulfillment in 2023 and typical revenue decreases during election years. Cost of revenues also decreased to $215,251 from $302,723. Gross profit fell to $60,487 from $147,551, with operating expenses slightly increasing to $156,189 from $150,731, mainly due to new hires. The company’s working capital deficit increased to $169,758 from $74,057 at the end of 2023. Cash flow from operations turned negative, with a $59,424 outflow in Q1 2024 compared to a positive $48,809 in Q1 2023, partially offset by a $58,500 short-term loan. Management expects revenue improvements for CM Tech and Frame One for the rest of 2024 but acknowledges uncertainty in achieving profitability. The company continues to manage its financial challenges, with no off-balance sheet arrangements or significant legal proceedings reported.