Summary by Moomoo AI
Applied UV, Inc. (AUVI) reported a significant increase in revenue for the year ended December 31, 2023, with revenues rising to $40.7 million, a 102.5% increase from $20.1 million in the previous year. Despite this growth, the company faced substantial operating losses, with a net loss of approximately $13.2 million and net cash used in operating activities amounting to $8.2 million for the year. The company's balance sheet shows an accumulated deficit of approximately $43.1 million as of December 31, 2023. The financial statements were prepared on a going concern basis, indicating the company's anticipation of continued operations and realization of assets. However, the substantial losses and cash used in operations raise concerns about the company's ability to continue as a going concern without additional financing. Applied...Show More