As of September 30, 2024, Safety Shot, Inc. reported total assets of $8.4 million, a significant decrease from $12.7 million at the end of 2023. Current assets also fell to $3.5 million from $7.7 million. Total liabilities decreased to $2.0 million from $3.9 million, while total shareholders’ equity declined to $6.4 million from $8.8 million.

In terms of sales performance, the company experienced substantial growth in revenue, with sales for the three months ended September 30, 2024, reaching $110.2 thousand, compared to $11.9 thousand for the same period in 2023. For the nine months ended September 30, 2024, sales totaled $519.8 thousand, up from $70.0 thousand in the prior year. However, gross profit remained negative, with a loss of $292.2 thousand for the third quarter of 2024, compared to a loss of $34.6 thousand in 2023. For the nine-month period, gross profit was a loss of $2.0 million, compared to a loss of $28.0 thousand in the previous year.

Operating expenses surged to $11.3 million for the third quarter of 2024, up from $4.1 million in 2023, and totaled $32.9 million for the nine months ended September 30, 2024, compared to $7.0 million in the same period of 2023. Consequently, the loss from operations for the third quarter increased to $11.6 million from $7.3 million year-over-year, and for the nine months, the loss escalated to $35.6 million from $9.1 million.

Net loss for the three months ended September 30, 2024, was $11.9 million, compared to a loss of $7.7 million in 2023. For the nine-month period, the net loss was $35.9 million, up from $9.4 million in the previous year. The weighted-average common shares outstanding increased significantly, leading to a basic loss per share of $(0.21) for the third quarter of 2024, compared to $(0.26) in 2023, and $(0.69) for the nine months ended September 30, 2024, compared to $(0.34) in 2023.

Strategically, Safety Shot, Inc. acquired the functional beverage Safety Shot from GBB Drink Lab, Inc. in August 2023 and launched the Sure Shot Dietary Supplement in December 2023. The company reported inventory write-downs of $1.9 million due to rebranding issues for the nine months ended September 30, 2024, with no write-downs in the same period of 2023. The company also noted significant cash flow challenges, with net cash used in continuing operations amounting to $17.2 million for the nine months ended September 30, 2024, compared to $5.2 million in 2023. Cash and cash equivalents decreased to $1.4 million from $3.8 million at the end of 2023.

The company’s auditors expressed significant doubt about its ability to continue as a going concern due to accumulated deficits and cash flow issues, which reached $(101.6 million) as of September 30, 2024, compared to $(65.7 million) at the end of 2023.