General Enterprise Ventures Reports 55% Revenue Growth to $808,372 for Fiscal Year 2024

General Enterprise Ventures, Inc. (GEVI) reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $808,372, a 55% rise from $520,645 in 2023. This growth is attributed to the commercialization of its CitroTech products, particularly following a Partnership Agreement with the EPA in August 2022, which facilitated increased sales to a concentrated customer base. Despite the revenue increase, the company reported a net loss of $6.9 million, a reduction from a loss of $10.1 million in the previous year, indicating a 32% improvement in profitability.

The company’s operating expenses decreased by 42% to $6.1 million from $10.6 million in 2023, primarily due to a significant reduction in professional fees, which fell from $9.5 million to $1.9 million. This decrease was partially offset by increased costs in advertising and marketing, which rose to $1 million from $148,289, reflecting the company's efforts to expand its market presence. The cost of revenue also increased significantly, primarily due to higher inventory costs associated with increased sales.

Strategically, GEVI has focused on expanding its product offerings and market reach. The company formed Mighty Fire Breaker, LLC in January 2022 to acquire intellectual property related to fire suppression technology, which has been pivotal in developing its product line. The company has also initiated a partnership with insurance companies to offer wildfire insurance to customers using its fire defense systems, addressing a significant market need in the western United States. As of December 31, 2024, GEVI's customer base includes homeowners and fire departments across 11 western states.

Operationally, GEVI has made strides in product adoption and market penetration. The company has reported a growing customer count, with significant sales to fire departments and commercial customers. The company’s inventory increased to $324,657 from $230,197, reflecting its preparation for anticipated demand. GEVI's employee headcount remains low, as it primarily relies on consultants and contractors rather than full-time employees, which is consistent with its operational model.

Looking ahead, GEVI anticipates continued growth driven by increasing demand for environmentally sustainable fire retardant products, particularly in light of rising wildfire risks. The company expects to achieve cash-flow positivity by the end of 2025, supported by a projected increase in product orders and a focus on maintaining low operational costs. However, the company acknowledges the need for ongoing capital to support its business plans and has indicated plans for further fundraising efforts, including a potential Initial Public Offering (IPO).