Wed, Aug 14, 8:54 PM (153 days ago)
For the quarter ending June 30, 2024, Safety Shot, Inc. reported significant financial challenges, with revenues increasing to $710,240 from $23,305 in the prior year due to the launch of its Safety Shot Dietary Supplement. However, the company faced a substantial net loss of $8,274,094 compared to a loss of $359,591 in Q2 2023, primarily driven by high operating expenses of $8,618,618, which included $2,955,135 in stock-based compensation and $4,044,095 in marketing costs. The company’s cash reserves decreased to $3,223,783 from $3,833,349 at year-end, raising concerns about its ability to sustain operations as highlighted by its auditors. The accumulated deficit grew to $89,629,480, prompting doubts about its going concern status. Despite these challenges, Safety Shot aims to expand its product line and improve brand recognition in a competitive market. The firm's reliance on third-party manufacturers and potential regulatory changes pose additional risks. Legal proceedings are ongoing, which could further strain financial resources. Overall, while revenue growth is promising, the significant losses and operational uncertainties present substantial risks for investors.