Thu, Sep 26, 8:17 PM (85 days ago)
For the quarter ending June 30, 2024, Safe Pro Group Inc. reported significant financial changes, reflecting a substantial increase in revenues but continued losses. Total revenues surged to $642,989, a 524.2% increase from $103,008 in the same quarter last year, driven by product sales of $584,083. However, the cost of revenues also rose sharply to $458,374, resulting in a gross profit of $184,615 and a gross margin of 28.7%. Operating expenses increased to $1,307,421, primarily due to higher salaries and professional fees, leading to a loss from operations of $1,122,806. The net loss for the quarter was $1,214,923, a 66.1% increase compared to the previous year. The company faced a working capital deficit of $1,502,950 and a total accumulated deficit of $9,181,073 as of June 30, 2024. Cash flow from operations showed a net cash outflow of $1,159,475. In August 2024, the company completed its IPO, raising $5,100,000 in gross proceeds, which is expected to improve its liquidity position. The report highlights ongoing uncertainties, including reliance on a limited customer base, which poses risks to future revenue stability.