Elevai Labs Inc. reported its financial results for the three and nine months ended September 30, 2024, showing a mixed performance in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, the company generated revenue of $527,478, a decrease from $554,654 in the same period of 2023. However, for the nine months ended September 30, 2024, revenue increased significantly to $1,747,570, up from $1,014,004 in 2023, reflecting a growth of $733,566.

Gross profit for the three months ended September 30, 2024, was $393,901, an increase from $366,145 in the prior year. For the nine-month period, gross profit rose to $1,278,807, compared to $672,882 in 2023, indicating improved operational efficiency with an overall gross margin of 73%, up from 66% in the previous year.

Despite the revenue growth, Elevai Labs reported a net loss of $(1,501,257) for the three months ended September 30, 2024, compared to $(783,047) in 2023. For the nine months, the net loss increased to $(4,310,998) from $(3,143,601) in the prior year. The increase in losses was attributed to a rise in total operating expenses, which reached $5,290,718 for the nine months, up from $3,358,152 in 2023. Notably, marketing and promotion expenses surged to $1,209,041, a significant increase from $316,436 in the same period last year.

The company’s strategic developments included the issuance of common stock and warrants, raising $6,993,059 in the nine months ended September 30, 2024, compared to $1,463,586 in 2023. Additionally, Elevai Labs entered into two significant license agreements, one for $1,000,000 related to stem cell technology and another for $400,000 for probiotic products, which were capitalized as intangible assets.

Elevai Labs also experienced changes in its management structure, with the resignation of CEO Jordan Plews and the appointment of Graydon Bensler as the new CEO. The company undertook a restructuring effort that included layoffs of key personnel, which contributed to a decrease in salary expenses.

As of September 30, 2024, the company reported total stockholders' equity of $8,555,222, a significant improvement from a deficit of $(163,895) as of September 30, 2023. The accumulated deficit increased to $(11,334,888) from $(5,865,974) in the previous year, reflecting ongoing operational challenges despite revenue growth.