Summary by Moomoo AI
ParaZero Technologies Ltd., a leading provider of drone safety systems, has reported its financial performance for the fiscal year ended December 31, 2023. The company experienced a 10.8% increase in sales, reaching $620,508 compared to $560,118 in the previous year. Despite this growth, ParaZero incurred a net loss of $3,771,379, a significant increase from the $1,653,038 loss reported in 2022. The net loss per share stood at $0.77. The company's cost of sales rose by 41.2% to $476,610, primarily due to increased sales volume and inventory write-offs. Research and development expenses slightly decreased to $636,801, while sales and marketing expenses surged by 84.3% to $487,904, reflecting the company's efforts to expand its market presence. General and administrative expenses also saw a substantial increase of 92.1%, amounting to $1,472,872, attributed to the costs associated...Show More