Tue, Aug 20, 10:03 AM (147 days ago)
For the second quarter of 2024, Spectaire Holdings Inc. reported no revenue, maintaining a focus on its developing technology for carbon emissions measurement. The company incurred an operating loss of $2.1 million, a reduction of 29% from the previous year, largely due to decreased general and administrative expenses. The net income for the quarter was $4.5 million, contrasting sharply with a loss of $12.2 million in Q2 2023, primarily driven by a gain from the settlement of professional fees and a significant reduction in interest expenses. As of June 30, 2024, cash reserves decreased to $94,000, with a net working capital deficit of $21.7 million and an accumulated deficit of $25.2 million, raising substantial doubt about the company's ability to continue as a going concern. The company has entered various financing agreements, including a Standby Equity Purchase Agreement allowing it to raise up to $25 million, but uncertainties remain regarding future capital raising efforts. The company’s stock was delisted from NASDAQ and now trades OTC, impacting liquidity and investor interest.