KeyStar Corp. reported its financial results for the three months ended September 30, 2024, revealing a mixed performance compared to the same period in the previous year. The company experienced a net loss of $5.3 million, slightly higher than the net loss of $5.1 million reported for the same quarter in 2023. The net loss attributable to common stockholders also decreased from $6.1 million in 2023 to $5.3 million in 2024, resulting in a net loss per common share of $0.07, an improvement from $0.14 in the prior year.
Gaming revenues showed a significant reduction in negative figures, with a loss of $3.3 thousand for the current quarter compared to a loss of $218.6 thousand in the same quarter of 2023. Additionally, the net gaming loss improved from $623.9 thousand in 2023 to $99.6 thousand in 2024. Total operating expenses decreased to $2.5 million from $3.2 million year-over-year, indicating a strategic effort to reduce costs.
As of September 30, 2024, KeyStar's total assets were reported at $8.2 million, down from $9.4 million as of June 30, 2024. This decline was accompanied by a decrease in total current assets, which fell to $1.1 million from $1.2 million in the previous quarter. The company’s total liabilities increased to $26.6 million from $22.5 million, with total current liabilities rising significantly to $26.2 million from $22.0 million.
The accumulated deficit widened to $48.8 million as of September 30, 2024, compared to $43.5 million at the end of the previous quarter. The total stockholders’ deficit also increased to $18.4 million from $13.2 million, reflecting ongoing financial challenges.
KeyStar's cash position improved, with cash holdings rising to $342.2 thousand from $221.8 thousand at the end of the previous quarter. The company continues to hold a consistent number of preferred shares, with Series A shares remaining at 11,693 and Series B and C shares unchanged.
Overall, KeyStar Corp. is navigating a challenging financial landscape, marked by a reduction in operating expenses and improved gaming revenue losses, while facing increased liabilities and a growing accumulated deficit.
About KeyStar Corp.
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