The following is a summary of the TOMI Environmental Solutions, Inc. (TOMZ) Q1 2024 Earnings Call Transcript:
Financial Performance:
TOMI reported Q1 2024 revenue of $1.114 billion, a decrease compared to $1.582 million in the same period in 2023.
The company's gross profit improved from 59.5% in Q1 2023 to 60.2% in Q1 2024.
TOMI posted an increased consolidated operating loss of $1.226 billion compared to a $1.188 million loss in Q1 2023.
As of March 31st, 2024, the company had $1.1 million in cash and cash equivalents, and the shareholder equity stood at $7.1 million.
Business Progress:
They saw a 27% increase in total sales and backlog, demonstrating a growing interest in TOMI technology across multiple markets.
Two studies showing their solution's efficiency against various virus types have been recognized by the Department of Homeland Security, which includes budget support worth $2 million.
Financial stability is ensured through secured contracts, promising revenues from CES installations, and anticipated closing of more contracts.
They are planning significant installations of SteraMist with revenue generation expected to start by end Q3 of 2024.
They are developing a platform for tailored education to service network members and are in the early stages of marketing SteraMist Technology in the server farm industry.
The aim is to establish a standard in the disinfection biohazard response industry with a commitment to continuous improvement and setting benchmarks with the SteraMist Pro certified program.
More details: TOMI Environmental Solutions IR
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