Bright Green Corporation (BGC) reported its financial results for the nine months ended September 30, 2024, revealing a continued lack of revenue and a net loss of $3.5 million, a significant improvement from the $7.6 million loss reported for the same period in 2023. The company has not generated any revenue during both periods, maintaining its status as a start-up in the U.S. federally-authorized cannabis space.

Total operating expenses for the nine months decreased to $4.5 million from $7.4 million in the prior year, driven by a reduction in general and administrative expenses, which fell from $6.9 million to $4.1 million. This reduction reflects the company's efforts to streamline operations and manage costs more effectively. The loss from operations also improved, decreasing from $7.4 million in 2023 to $4.5 million in 2024.

As of September 30, 2024, Bright Green's total assets were reported at $15.96 million, down from $17.4 million at the end of 2023. Current assets decreased significantly to $52,257 from $268,289, while cash increased to $40,366 from $10,059, primarily due to $880,000 raised through the EB-5 Program and draws on a related party line of credit.

The accumulated deficit rose to $50.7 million, up from $47.2 million at the end of 2023, indicating ongoing financial challenges. The company reported negative working capital of $6.99 million, compared to $5.97 million previously. Despite these challenges, Bright Green raised $800,000 from its EB-5 Program during the nine months, which is a notable development in its financing efforts.

In terms of strategic developments, Bright Green has formed a new subsidiary, Regional Center Bright Green, LLC, and is expanding its focus to include the production of plant-based medicines derived from controlled substances. The company received regulatory approvals to produce additional Schedule I and II controlled substances, responding to increased market demand and addressing prescription drug shortages.

The company’s stock performance has been affected by its transition from Nasdaq to OTC Markets, and as of September 30, 2024, it had 191.2 million shares outstanding, an increase from 184.8 million at the end of 2023. Legal challenges are ongoing, including a notable case regarding the cancellation of shares, which the company plans to appeal.

Overall, while Bright Green Corporation continues to face significant financial hurdles, it is actively pursuing strategic initiatives to position itself for future growth in the evolving cannabis and plant-based medicine markets.