NetworkNewsBreaks — SenesTech Inc. (NASDAQ: SNES
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Posted On: 02/22/2024 5:21:29 PM
NetworkNewsBreaks — SenesTech Inc. (NASDAQ: SNES) Reports Q4, FY 2023 Financial Results
SenesTech (NASDAQ: SNES), the rodent-fertility control experts and inventors of the only EPA-registered contraceptive for male and female rats, ContraPest(R), has released its financial results for fiscal year 2023. According to the report, year-to-date 2024 total revenue is up more than 80% compared to YTD 2023 driven by orders for the company’s proprietary Evolve(TM) soft bait. Other highlights from the report show revenue during 2023 increased 17%, reaching $1.2 million compared to $1 million in 2022; gross profit during 2023 was also up, totaling $539,000 compared to $464,000 in 2022, with gross profit margin at 45.2% in 2023 compared to 45.5% in 2022; net loss decreased in 2023, coming in at $7.7 million compared to $9.7 million for 2022; and Adjusted EBITDA loss, which is a non-GAAP measure of operating performance, was $6.9 million for 2023, compared to $8.5 million in 2022, an improvement of $1.5 million.
“During 2023, we executed on a number of key initiatives that will be the foundation to drive growth into the future, most notably was the development of Evolve, our all-new soft bait product that was launched on a limited basis at the end of 2023,” said SenesTech president and CEO Joel Fruendt in the press release. “Since the full launch of Evolve in January 2024, we have seen a significant uptick in interest and orders from a wide range of sales channels and geographies. For instance, we were recently approved as a vendor for a major nationwide hardware retailer; we have signed distribution and stocking agreements for grain-management and open-field agricultural applications; and we have expanded our geographical reach outside the United States, including Hong Kong, Macau, the United Arab Emirates, Singapore, Australia, New Zealand and the Netherlands. It is increasingly clear that Evolve is a game changing product that will be a key driver to our revenue growth in 2024.”
NOTE TO INVESTORS: The latest news and updates relating to SNES are available in the company’s newsroom at https://nnw.fm/SNES
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
SenesTech (NASDAQ: SNES), the rodent-fertility control experts and inventors of the only EPA-registered contraceptive for male and female rats, ContraPest(R), has released its financial results for fiscal year 2023. According to the report, year-to-date 2024 total revenue is up more than 80% compared to YTD 2023 driven by orders for the company’s proprietary Evolve(TM) soft bait. Other highlights from the report show revenue during 2023 increased 17%, reaching $1.2 million compared to $1 million in 2022; gross profit during 2023 was also up, totaling $539,000 compared to $464,000 in 2022, with gross profit margin at 45.2% in 2023 compared to 45.5% in 2022; net loss decreased in 2023, coming in at $7.7 million compared to $9.7 million for 2022; and Adjusted EBITDA loss, which is a non-GAAP measure of operating performance, was $6.9 million for 2023, compared to $8.5 million in 2022, an improvement of $1.5 million.
“During 2023, we executed on a number of key initiatives that will be the foundation to drive growth into the future, most notably was the development of Evolve, our all-new soft bait product that was launched on a limited basis at the end of 2023,” said SenesTech president and CEO Joel Fruendt in the press release. “Since the full launch of Evolve in January 2024, we have seen a significant uptick in interest and orders from a wide range of sales channels and geographies. For instance, we were recently approved as a vendor for a major nationwide hardware retailer; we have signed distribution and stocking agreements for grain-management and open-field agricultural applications; and we have expanded our geographical reach outside the United States, including Hong Kong, Macau, the United Arab Emirates, Singapore, Australia, New Zealand and the Netherlands. It is increasingly clear that Evolve is a game changing product that will be a key driver to our revenue growth in 2024.”
NOTE TO INVESTORS: The latest news and updates relating to SNES are available in the company’s newsroom at https://nnw.fm/SNES
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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