Thu, Nov 14, 8:43 PM (235 days ago)
**Titan Environmental Solutions Inc. (Ticker: TESI) - Q3 2024 Summary** For the quarter ending September 30, 2024, Titan Environmental Solutions reported a 49% increase in revenue to $3,883,105, primarily driven by the acquisition of Standard Waste Services. However, the company faced a gross profit decline of 32% to $436,205 due to rising costs of revenues, which surged 76% to $3,446,900. Operating expenses soared, including a significant $5.5 million impairment on intangible assets and $4.8 million on goodwill, reflecting challenges in the Digester Segment, which was sold on October 31, 2024. Net loss narrowed to $13,554,283 from $118,587,221 in the prior year, largely due to decreased losses from extinguished share rights and stock-based compensation. Total liabilities increased to $25,129,523 from $16,876,149, with a working capital deficit of $16,344,202 as of September 30, 2024. The company’s cash position weakened to $75,573, down from $103,578, indicating ongoing liquidity concerns. Management remains focused on securing additional financing to sustain operations and facilitate growth, despite uncertainties surrounding future cash flows.