NewHydrogen, Inc. has reported a significant reduction in its net loss for the fiscal year ending December 31, 2024, amounting to $3.18 million, compared to a net loss of $12.09 million in the previous year. This decrease of approximately 74% is attributed primarily to a reduction in non-cash stock compensation expenses. The company has not generated any revenue to date, maintaining an accumulated deficit of $177.94 million since its inception. As of December 31, 2024, NewHydrogen reported working capital of $2.12 million, down from $3.68 million in 2023, reflecting a decrease in cash and prepaid expenses.
In terms of operational expenses, NewHydrogen's selling and marketing expenses rose to $316,624, an increase of $207,573 from the previous year, driven by higher service provider costs and increased advertising efforts. Conversely, general and administrative expenses saw a notable decline, dropping to $1.13 million from $2.86 million, largely due to reduced non-cash stock compensation and professional fees. Research and development expenses also increased to $362,538, up from $202,878, reflecting the company's ongoing commitment to developing its ThermoLoop™ technology, which aims to produce green hydrogen using heat instead of electricity.
Strategically, NewHydrogen is focused on advancing its ThermoLoop™ technology, which is designed to lower the cost of green hydrogen production. The company has partnered with the University of California, Santa Barbara, to further develop this technology, which is expected to play a crucial role in the emerging green hydrogen economy. The market for green hydrogen is projected to grow significantly, with estimates suggesting a potential market value of $12 trillion. NewHydrogen's approach aims to capitalize on this opportunity by providing a more cost-effective method of hydrogen production.
As of March 10, 2025, NewHydrogen employed two full-time staff members, reflecting a lean operational structure as it continues to navigate the development stage of its business. The company has not entered into any government contracts and does not maintain a backlog of orders, indicating a focus on research and development rather than immediate commercial sales. The management has indicated that while current cash balances are expected to support operations for the next twelve months, additional funding will be necessary in the latter half of 2025 to support further development and prototyping efforts.
Looking ahead, NewHydrogen's management remains optimistic about the potential of its ThermoLoop™ technology to disrupt the hydrogen production market. However, the company acknowledges the challenges it faces, including the need for additional capital and the competitive landscape of the green hydrogen sector. The ability to successfully commercialize its technology and achieve profitability remains uncertain, as the company continues to operate without generating revenue.
About NewHydrogen, Inc.
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