Safety Shot, Inc. (NASDAQ: SHOT), formerly known as Jupiter Wellness Inc., reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated revenues of $701,967, a substantial increase from $202,670 in the previous year, primarily attributed to the launch of its Safety Shot Dietary Supplement in December 2023. However, the company also reported a net loss of $49.4 million, compared to a loss of $15.1 million in 2023, reflecting increased operating expenses and costs associated with its expansion efforts.
The company's operating expenses surged to $39.6 million in 2024, up from $12.5 million in 2023. This increase was driven by heightened marketing expenditures, legal and professional fees related to proposed mergers and litigation, and stock-based compensation, which accounted for $20.5 million of the total. The company also incurred research and development costs of $232,161, which included expenses for clinical trials related to the Safety Shot product.
In terms of strategic developments, Safety Shot completed the acquisition of the Safety Shot Dietary Supplement from GBB Drink Lab, Inc. in August 2023, which included the associated intellectual property and trademarks. The company has since focused on the commercialization of this product, which is designed to reduce blood alcohol content and is manufactured in compliance with Good Manufacturing Practices (GMP). Additionally, the company has discontinued its previous product lines related to CBD and is now concentrating on its dietary supplement offerings.
Operationally, Safety Shot has maintained a workforce of eight full-time employees and has established a diverse network of suppliers for its production processes. The company is also exploring collaborations to license its intellectual property and expand its market presence. Despite these efforts, the company faces challenges, including a notice from Nasdaq regarding non-compliance with minimum bid price requirements, which could affect its listing status.
Looking ahead, Safety Shot plans to continue its product development and marketing initiatives, including the introduction of new product formats and flavors for the Safety Shot Dietary Supplement. The company is also committed to conducting further research studies to validate the efficacy of its product. However, the management has expressed concerns regarding its ability to sustain operations without additional capital, as indicated by its cash position of $348,816 as of December 31, 2024, and the ongoing need for financing to support its growth strategy.
About Safety Shot, Inc.
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