Range Impact, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial decline in revenue, with total revenues for the three months amounting to $2.2 million, down from $5.5 million in the same period of 2023. For the nine months ended September 30, 2024, revenues were $8.4 million, compared to $12.5 million in the prior year. This decline was primarily attributed to decreased contributions from the Range Reclaim and Range Minerals segments, including a notable $3.3 million drop in quarterly revenue linked to a one-time project in the previous year.
The company's gross profit turned into a loss, reporting $(392,928) for Q3 2024, compared to a gross profit of $2.9 million in Q3 2023. For the nine-month period, the gross loss was $(523,003), contrasting sharply with a gross profit of $4.4 million in the prior year. The operating loss for Q3 2024 was $(866,870), a stark decline from an operating income of $1.8 million in Q3 2023. The net loss for the quarter was $(4.9 million), compared to a net income of $3.4 million in the same quarter of the previous year.
Total assets decreased significantly to $10.4 million as of September 30, 2024, down from $23.8 million at the end of 2023. Current assets also fell to $5.1 million, with cash and cash equivalents dropping to $244,586 from $2.2 million at the end of 2023. The company’s total liabilities were reported at $7.2 million, down from $14.2 million, while stockholders' equity decreased to $3.3 million from $9.6 million.
Strategically, Range Impact made notable changes, including the acquisition of Collins Building & Contracting, Inc. in August 2023, which was later sold in August 2024 due to operational challenges, resulting in a loss of $3.0 million. Additionally, the company sold its drug development subsidiary, Graphium Biosciences, in September 2024, recognizing minimal cash proceeds from the transaction.
The company’s ability to continue as a going concern is in doubt, as it faces ongoing financial losses and cash flow issues. As of September 30, 2024, Range Impact reported a working capital of $335,307, a decrease from $753,756 at the end of 2023, and indicated that it may not have sufficient funds to operate for the next 12 months.
About RANGE IMPACT, INC.
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