Intelligent Bio Solutions Inc. reported its financial results for the three months ended September 30, 2024, revealing a total revenue of $872,287, an increase from $796,094 in the same period of 2023. This growth was driven primarily by sales from the Intelligent Fingerprinting Products (IFPG) segment, which accounted for all revenue. Revenue from cartridge sales rose to $448,514 from $380,059, while other sales increased to $189,987 from $177,233. The gross profit for the quarter improved to $346,801, up from $232,331, resulting in a gross profit margin of 39.76%, compared to 29.18% in the prior year.

Despite the revenue growth, the company reported a net loss of $2,694,799 for the quarter, compared to a net loss of $2,432,424 in the same period last year. The increase in net loss was attributed to higher development and regulatory expenses, which surged to $948,752 from $103,947. Total operating expenses rose to $3,198,190 from $2,868,567, although selling, general, and administrative expenses decreased to $1,949,016 from $2,457,060.

As of September 30, 2024, Intelligent Bio Solutions had total current assets of $6,478,911, down from $8,534,243 as of June 30, 2024. Total assets decreased to $11,725,883 from $13,778,863, while total liabilities increased to $5,776,641 from $5,595,672. Shareholders' equity also declined to $5,949,242 from $8,183,191, reflecting ongoing financial challenges.

The company has entered into an At The Market Offering Agreement, allowing for the sale of up to $3.0 million in common stock, and raised approximately $34,511 through the sale of shares from September 18 to September 30, 2024. However, there are concerns regarding the sufficiency of cash and cash equivalents, which stood at $3,989,431, to fund operations for the next twelve months.

In terms of strategic developments, the company has made significant progress in its product offerings, including the successful completion of in-clinic testing proposed to the FDA, and secured 22 new accounts, bringing the total to over 400 active customer accounts across 19 countries. The company also announced a partnership with CenExcel for a clinical study and named QabasTech as the exclusive distributor in Saudi Arabia.

Overall, while Intelligent Bio Solutions has shown revenue growth and strategic advancements, it continues to face substantial operating losses and financial uncertainties.