Movano Inc. (dba Movano Health) reported its financial results for the three and nine months ended September 30, 2024, showing significant developments in revenue, expenses, and overall financial condition compared to the previous fiscal period.

For the third quarter of 2024, Movano generated revenue of $50,000, a notable increase from $0 in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $902,000, again up from $0 in the prior year. This revenue primarily stemmed from the sales of the Evie Ring, the company's flagship product launched in November 2023.

Total costs and expenses for the third quarter of 2024 were $7,429,000, down from $9,079,000 in Q3 2023. For the nine-month period, expenses decreased to $20,432,000 from $23,666,000. The reduction in expenses was largely attributed to a decrease in research and development costs, which fell by 40% to $3,404,000 in Q3 2024 from $5,636,000 in Q3 2023, and by 33% for the nine months to $9,198,000 from $13,701,000.

Movano reported a loss from operations of $(7,379,000) for Q3 2024, an improvement from $(9,079,000) in Q3 2023. The nine-month loss from operations also improved to $(19,530,000) from $(23,666,000) year-over-year. The net loss for Q3 2024 was $(7,201,000), compared to $(8,962,000) in Q3 2023, while the nine-month net loss decreased to $(19,111,000) from $(23,325,000).

As of September 30, 2024, Movano's cash and cash equivalents totaled $11,272,000, a significant increase from $6,118,000 at the end of 2023. The company raised approximately $24.1 million in gross proceeds from a private placement in April 2024, which contributed to the improved cash position. However, Movano continues to rely on equity offerings for financing and anticipates the need for additional capital to support future operations.

The company also completed a 1-for-15 reverse stock split on October 29, 2024, which did not affect the overall stockholder percentage interest. Movano's total stockholders' equity increased to $10,251,000 as of September 30, 2024, up from $3,449,000 at the end of 2023.

Despite these improvements, Movano acknowledged a material weakness in its internal controls over financial reporting, specifically regarding the design and operation of financial close and reporting controls. Management is actively working to address these issues.