Reflect Scientific, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing significant changes in revenue and profitability compared to the previous fiscal period.

For the three months ended September 30, 2024, the company generated revenues of $514,023, a decrease of $11,851 or 2.3% from $525,874 in the same period of 2023. In contrast, for the nine months ended September 30, 2024, revenues surged to $1,532,849, marking a substantial 72.0% increase from $891,385 in the prior year. This growth was primarily driven by increased sales of freezers and chillers.

Gross profit for the three months ended September 30, 2024, was $327,826, slightly down from $329,986 in 2023, while for the nine-month period, gross profit rose to $928,172 from $518,014, reflecting a gross profit margin improvement from 58.1% to 60.6%. The cost of goods sold for the three months decreased to $186,197, down 4.9% from $195,888 in 2023, contributing to a gross profit margin increase to 63.8% from 62.8%.

Operating income for the three months ended September 30, 2024, increased to $99,239, up from $80,896 in 2023, while for the nine months, the company reported an operating income of $157,078, a significant turnaround from an operating loss of $(247,719) in the same period of the previous year. Net income for the three months was $109,930, compared to $86,264 in 2023, and for the nine months, net income reached $186,946, a stark contrast to a net loss of $(242,663) in the prior year.

Reflect Scientific's total current assets decreased to $2,093,348 as of September 30, 2024, from $2,370,150 at the end of 2023, while total assets also fell to $2,338,066 from $2,668,903. However, total current liabilities significantly decreased to $139,252 from $596,366, resulting in a current assets to current liabilities ratio improvement. Total stockholders' equity rose to $2,079,520 from $1,892,574 at the end of 2023.

The company reported a net cash used in operating activities of $(247,543) for the nine months ended September 30, 2024, compared to $(42,481) for the same period in 2023. Cash and cash equivalents decreased to $1,030,408 from $1,277,951 at the end of 2023.

Reflect Scientific continues to focus on its product lines, including its Cryometrix brand ultra-low temperature freezers, and has introduced new solvent chillers aimed at optimizing product yield and purity. The company has not reported any significant recent developments or changes in accounting policies.