QS Energy, Inc. reported a net loss of $1.93 million for the fiscal year ending December 31, 2024, an increase of 58% from the previous year's loss of $1.22 million. The company did not generate any revenue during both 2024 and 2023, maintaining a trend of no significant revenue since its inception in 1998. Operating expenses rose to $1.39 million, up from $688,000 in 2023, primarily due to increased non-cash expenses related to stock-based compensation and cash expenses for salaries, consulting fees, and legal costs. Research and development expenses slightly decreased to $191,000 from $203,000, reflecting ongoing efforts to develop the company's Applied Oil Technology (AOT).
In terms of operational developments, QS Energy has focused on advancing its AOT technology, which aims to enhance crude oil pipeline efficiency by reducing viscosity. The company has engaged in various testing and demonstration projects, including collaborations with major pipeline operators. However, the AOT technology has faced significant challenges, including design and operational flaws that have hindered its commercial viability. As of December 31, 2024, the company had only one full-time employee and relied on part-time consultants and independent contractors for various functions.
Strategically, QS Energy has entered into a collaboration agreement with VIPS Petroleum, LLC, to facilitate the deployment of AOT technology on pipeline networks. This partnership is expected to enhance the company's market presence and potentially lead to commercial agreements with VIPS' customers. Additionally, the company has signed a Memorandum of Understanding with the Australia Asia India Business Organization (AAIBO) to explore further opportunities in Southeast Asia.
Looking ahead, QS Energy acknowledges the need for substantial additional capital to fund its operations and continue the development of its AOT technology. The company reported having only $150,000 in cash as of December 31, 2024, raising concerns about its ability to sustain operations beyond March 2025 without securing further financing. The management remains optimistic about the potential of its technology but recognizes the significant risks associated with its commercialization efforts. The company’s future success will depend on its ability to attract investment, achieve operational stability, and secure customer adoption of its AOT technology.
About QS Energy, Inc.
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