Full Year 2024 Financial Highlights

Income Statement:

FY 2024 performance was marked by revenue growth, an increase in R&D investments, and a substantial reduction in operating expenses, while bottom-line results were impacted by the absence of non-recurring gains recognized in the prior year.

• Revenue increased by 2.0% to $54.43 million in FY 2024, from $53.38 million in the prior year, driven primarily by sustained organic growth and continued contributions from prior acquisitions.
• Gross margin was 7.92%, compared to 8.15% in FY 2023, reflecting a greater mix of revenue from the lower-margin logistics distribution segment.
• Total operating expenses declined by 24.16% to $19.86 million, compared to $26.18 million in FY 2023. This includes:
  • 40.26% reduction in general and administrative expenses.
  • 71% decrease in sales and marketing expenses, following a strategic reduction in promotional spend.
• Total other income, net, was a loss of $0.64 million in FY 2024, compared to income of $3.29 million in FY 2023. The year-over-year decline was primarily due to the absence of non-cash gains recognized in the prior year, including:
  • $1.91 million gain on debt extinguishment.
  • $1.44 million bargain purchase gain related to the acquisition of Cana Laboratories.
• Adjusted EBITDA was negative $3.73 million, compared to positive $0.06 million in FY 2023, while Adjusted net loss widened to $4.74 million from $0.81 million.