Thu, Nov 14, 8:05 PM (19 days ago)
Shorepower Technologies Inc. (SPEV) reported its Q3 2024 financial results, revealing a significant revenue increase to $15,442,000, up from $3,676,000 in Q3 2023, largely attributed to product sales and a $50,000 grant. However, the gross margin remained negative at ($14,884,000), despite lower operating expenses of $95,200, compared to $94,692 in the prior year. The net loss improved to $77,195, down from $141,023 in Q3 2023. For the nine months ending September 30, 2024, total revenue reached $52,779,000, up from $19,850,000, with a net loss of $311,005, significantly reduced from $544,584 in 2023. Cash flow from operating activities showed a usage of $152,998, indicating continued liquidity challenges, exacerbated by an accumulated deficit of $2,801,734. The company faces uncertainties related to its ability to continue as a going concern, relying on future financing and operational improvements. Management's focus on grant opportunities and cost management is crucial for sustaining operations. Overall, while revenue growth is promising, profitability remains elusive, and significant liabilities persist, necessitating careful monitoring by investors.