Tue, Nov 19, 10:02 PM (83 days ago)
Samsara Luggage, Inc. (SAML) reported its Q3 2024 results, highlighting a significant shift in business focus from luggage to emergency response technologies after major acquisitions. For the three months ending September 30, 2024, revenue surged to $666K, up from $9K in Q3 2023, and $2.694M for the nine-month period, compared to $358K in the prior year. This increase reflects the integration of acquired subsidiaries in the emergency services sector. However, the company recorded losses of $900K for Q3 2024 and $2.153M for the nine months, worsening from $687K and $876K, respectively, in the previous year. Operating expenses rose sharply to $1.145M in Q3 2024 from $81K due to the costs associated with acquisitions. As of September 30, 2024, SAML's current liabilities totaled $5.303M against current assets of $3.785M, resulting in a working capital deficit of $1.518M. Cash flow from operations was negative at $(635)K, while financing activities generated $10.509M, primarily through equity issuance. The company faces liquidity challenges and emphasizes the need for additional financing to sustain operations and growth.