Aclarion, Inc. reported a decline in revenue for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, revenue was $14,407, a decrease of 24% from $19,065 in the prior year. For the nine months ended September 30, 2024, revenue totaled $35,492, down 42% from $61,607 in 2023. The company attributed this decline to increased hosting costs and changes in revenue mix.

The gross profit for the third quarter of 2024 was a loss of $6,925, compared to a loss of $493 in the same quarter of 2023. For the nine-month period, the gross loss was $28,610, a significant drop from a gross profit of $5,295 in 2023. The loss from operations for the third quarter was $(1,295,958), slightly higher than the $(1,162,175) reported in the same quarter of the previous year. However, for the nine months ended September 30, 2024, the loss from operations improved to $(3,706,827) from $(3,749,640) in 2023.

Net loss for the third quarter of 2024 was $(1,366,176), compared to $(998,010) in the prior year, while the net loss for the nine months increased to $(5,003,355) from $(3,646,027) in 2023. The net loss per share allocable to common stockholders for the third quarter was $(0.15), a notable improvement from $(1.87) in the same quarter of 2023.

Aclarion's total assets increased to $3,188,052 as of September 30, 2024, up from $2,459,774 at the end of 2023. Total stockholders' equity improved to $2,509,785, compared to a deficit of $(727,995) at the end of 2023. The company reported cash and cash equivalents of $1,312,098, an increase from $1,021,069 at the end of 2023.

Strategically, Aclarion has been active in financing activities, raising approximately $4.9 million in the first nine months of 2024, compared to $1.7 million in the same period of 2023. The company completed a public offering in February 2024, generating gross proceeds of about $3 million. Additionally, Aclarion has been addressing compliance issues with Nasdaq regarding its minimum bid price and stockholders' equity requirements, receiving extensions to demonstrate compliance.

The company has also engaged an outside firm to improve its internal controls over financial reporting, which had been deemed ineffective due to material weaknesses. Aclarion continues to evaluate options to enhance its financial position and maintain liquidity amid ongoing losses.