![]() ![]() Adjusted EBITDA may be calculated by us differently than other companies that disclose measures with the same or similar term. Adjusted EBITDA has been included because management believes that, when considered together with the GAAP figures, it provides meaningful information related to our operating performance and liquidity and can enhance an overall understanding of financial results and trends. However, this measure is not intended to substitute for those financial measures reported in accordance with GAAP. Cash at the end of June 2023 was $2.2 million.Īdjusted EBITDA is a non-GAAP measure.Adjusted EBITDA loss, which is a non-GAAP measure of operating performance, for Q2 2023 was $1.7 million compared to $2.3 million in Q2 2022.Net loss during Q2 2023 was $2.0 million, compared with a net loss of $2.6 million for Q2 2022.Gross profit margins excluding one-time write-downs were 51% for Q2 2023. Gross profit during Q2 2023 was $142,000, for a gross profit margin of 46%, compared to $136,000, or a gross profit margin of 49%, in Q2 2022.With 126% sales growth during the month of July 2023, I believe we are well positioned for a strong second half of the year," Fruendt concluded. "With continued revenue growth, new product introductions, expanded sales and distribution agreements, and a keen focus on operational improvements to drive the business towards profitability, I believe we made good progress over the past quarter. The various improvements led to an improvement in its net loss by $576,000 and in its Adjusted EBITDA loss by $599,000 compared to the year-ago period. ![]() ![]() Revenues continued to grow while there was a $500,000 decrease in SG&A following the successful reconfiguration of its e-commerce solution to improve the return on various marketing investments. Significant progress was made during the quarter to enhance operational efficiencies, resulting in the lowering of the Company's cash flow breakeven point. "This also provides a format that readily fits the requirements for consumer use through 'big box' retailers." We believe that this will greatly accelerate the penetration of fertility control into pest management," said Mr. Therefore, we are introducing a soft bait fertility control product with equivalent efficacy but more in line with their current application methods. At this point, there is growing acceptance of fertility control as part of integrated pest management, but there is still resistance from some pest management companies to alter their established practices of utilizing non-liquid products. "When we introduced ContraPest, we needed to convince the pest control market of two things: the value of fertility control, and the applicability of a liquid bait into their procedures. SenesTech is also in the final stages of releasing a soft bait formulation, which provides the unique attributes of proven fertility control in an industry-familiar format demanded by 'big box' retailers, key e-commerce channels, and leading industry pest management professionals. "Isolate should further accelerate the adoption of ContraPest by professionals and do-it-yourselfers," said Mr. In July 2023, the Isolate Bait System was launched as a more efficient and easier-to-use bait system, which integrates both the tank and tray as a single unit. The Company continues to innovate its product offerings to provide customers with choices that fit their demands. In the agribusiness vertical, the Company initiated shipments to major companies in grain and poultry as rodent population control becomes an increasingly important focus for pest management professionals where the risk of exposure to rodenticides is critical. Sales growth during the second quarter was led by significant increases in the government vertical driven by deployments in California and New England, as well as continued traction within zoos and animal sanctuaries. "Growth has since accelerated into the third quarter, with July 2023 sales growing 126% compared to the year ago period, as the initiatives we have undertaken to drive sales, improve our product quality, and expand product options have shown success." ![]() "We successfully executed against a number of key strategic imperatives to drive long-term growth in ContraPest, resulting in continued growth in revenues during the second quarter," commented Joel Fruendt, SenesTech's President and Chief Executive Officer. ![]()
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