Gaxos.ai Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant developments in revenue, expenses, and strategic initiatives. The company generated revenues of $2,704 for the three months ended September 30, 2024, compared to $0 for the same period in 2023, primarily from health coaching packages. For the nine months ended September 30, 2024, total revenues reached $2,723, marking a notable increase from the previous year.
Operating expenses for the three months ended September 30, 2024, were $908,573, up from $873,616 in the same period of 2023, reflecting a 4.0% increase. However, for the nine months ended September 30, 2024, operating expenses decreased to $2,806,934 from $3,184,549 in 2023, a reduction of 11.9%. The loss from operations for the three months ended September 30, 2024, was $(905,869), compared to $(873,616) in 2023, while the nine-month loss from operations improved to $(2,804,211) from $(3,184,549) in the prior year.
Net loss for the three months ended September 30, 2024, was $(864,410), slightly higher than $(857,059) in 2023. For the nine months, net loss decreased to $(2,585,793) from $(3,147,134), indicating a 17.8% improvement. The net loss per share for the three months was $(0.61), down from $(0.85) in the previous year, while for the nine months, it was $(1.95), compared to $(3.20) in 2023.
The company’s total assets as of September 30, 2024, were $7,119,474, significantly up from $3,695,946 at the end of 2023. Cash increased to $5,227,894 from $1,024,710, and total stockholders’ equity rose to $6,714,567 from $3,425,910. The company also reported a working capital of $6,525,650.
Strategically, Gaxos.ai launched Gaxos Health, focusing on AI-powered health optimization solutions, and formed a new subsidiary, RNK Health, LLC, to market health products. The company executed a reverse stock split on March 7, 2024, and completed a private placement in March 2024, raising $3,499,484. Additionally, on September 20, 2024, Gaxos.ai exercised warrants generating gross proceeds of $3,242,374.
Overall, Gaxos.ai's financial performance reflects a transition towards revenue generation and strategic growth, despite ongoing operating losses. The company anticipates continued losses due to corporate overhead and R&D expenses but believes its current cash reserves will support operations for the next twelve months.
About GAXOS.AI INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.