Wed, May 15, 12:34 PM (205 days ago)
UAS Drone Corp. reported a net loss of $209,000 for Q1 2024, compared to a $179,000 net loss in Q1 2023. The increase in loss was primarily due to resumed research and development expenses amounting to $38,000 after completing an agreement with Israel Electric Corporation (IEC) in late 2023. General and administrative expenses slightly decreased to $192,000 from $202,000, mainly due to reduced share-based compensation. The company reported $2,112,000 in cash as of March 31, 2024, down from $2,621,000 a year earlier, primarily due to operational expenses. Cash used in operations decreased to $169,000 from $209,000 in the same period last year. The company’s financial position remains stable with sufficient cash to fund operations for at least the next 12 months, although uncertainties due to ongoing regional hostilities may impact future operations.