Rainmaker Worldwide Inc. reported a revenue increase of 82% for the fiscal year ending December 31, 2024, generating $143,725 compared to $78,912 in 2023. Despite this growth, the company continued to face significant net losses, which totaled $1,056,242 in 2024, a 14% reduction from the previous year's loss of $1,229,753. The losses were primarily attributed to high operating expenses, including consulting fees and interest expenses, as well as impairment charges related to its investment in Rainmaker Worldwide Inc. (Ontario).
The company underwent notable strategic changes during the reporting period, including the acquisition of a 60% stake in Miranda Environmental and Water Treatment Technologies on January 22, 2024. This acquisition is expected to enhance Rainmaker's product offerings and market reach, particularly in North America. However, the company also divested a 60% interest in its Ontario subsidiary, RWI, in April 2023, retaining a 40% stake. Following a restructuring on December 31, 2024, Rainmaker's ownership in RWI was further reduced to 13.65%, leading to an impairment of the investment to zero due to RWI's financial difficulties.
Operationally, Rainmaker's focus remains on expanding its market presence across North, South, and Central America, as well as the Caribbean. The company reported a total of 19,987,241 shares of common stock outstanding as of December 31, 2024, following a 1-for-25 reverse stock split effective September 26, 2024. The company continues to rely on independent distributors and project developers to drive future sales, as it has yet to establish a significant customer base.
Looking ahead, Rainmaker acknowledges the challenges it faces, including the need for additional capital to sustain operations and fund growth initiatives. The company's auditor expressed substantial doubt about its ability to continue as a going concern, emphasizing the importance of securing financing to meet operational needs. Management plans to pursue various funding options, including debt and equity financing, to support its business strategy and operational requirements.
About Rainmaker Worldwide Inc.
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