The following is a summary of the SenesTech, Inc. (SNES) Q4 2023 Earnings Call Transcript:
Financial Performance:
SenesTech reported an impressive 80% growth in total revenues for 2024 compared to the same period in 2023, primarily driven by orders for its new product, Evolve.
The annual revenue was $1.2 million, a 17% increase from the previous year's $1.0 million.
Gross profit for 2023 was $539,000, equivalent to 45% of total revenue.
Operating expenses were successfully reduced by $1.6 million, improving the net loss position to $7.7 million, a reduction by $2 million compared to 2022.
Adjusted EBITDA loss for 2023 showed an improvement, decreasing by $1.5 million over the previous year.
SenesTech ended 2023 with $5.4 million in cash, reflecting a $5 million public offering completed in November 2023.
Business Progress:
SenesTech successfully launched Evolve, expanding its market reach.
The company established important partnerships with a large network of hardware stores, a pest management firm focused on the grain management market and a global leader in irrigation solutions.
The company is close to finalizing deals with manufacturers focusing on retail relationships and added several new international distributors.
The development team is making progress in creating a mouse control product due to launch mid-2024.
Efforts are being made to expand e-commerce via a major online pest control product distributor.
SenesTech has increased manufacturing capabilities with plans to double these in the near future.
Plans are in progress to cut another $1 million in annual operating expenses.
More details: SenesTech IR
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