Mitesco, Inc. reported a revenue of $43,700 for the fiscal year ending December 31, 2024, a significant increase from zero revenue in the previous year. This revenue is attributed to the operations of its newly formed subsidiary, Centcore, LLC, which provides data center services, including remote backup and engineering analysis software. The company’s total operating expenses decreased to $1.2 million from $2.6 million in 2023, primarily due to the winding down of its previous clinic operations under The Good Clinic, LLC.
The company has undergone substantial restructuring, including the closure of its clinic operations in late 2022 due to profitability issues. As part of this restructuring, Mitesco converted over $25 million of its obligations into restricted common stock and Series A Preferred stock, significantly reducing its debt burden. The restructuring also included the formation of two new business units: Centcore, which focuses on data center services, and Vero Technology Ventures, which seeks investment opportunities in cloud computing and related applications.
Operationally, Mitesco has shifted its focus to data center services, leveraging partnerships with existing data centers to expand its offerings. The company has retained professionals in data center and cybersecurity fields to manage operations without incurring significant staffing costs. As of December 31, 2024, Mitesco had approximately $3,400 in cash and current liabilities totaling $18.4 million, raising concerns about its ability to continue as a going concern without additional funding.
Looking ahead, Mitesco's management has expressed optimism about its new business strategy, particularly with the anticipated launch of its AI-based sales application, "Robo Agent," expected in mid-2025. However, the company acknowledges the risks associated with its limited operating history and the competitive landscape in the data center industry. The management's ability to secure additional capital and successfully implement its business plan will be critical to its future performance.
About Mitesco, Inc.
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