N2OFF, Inc. (formerly Save Foods, Inc.) reported significant financial challenges for the nine months ended September 30, 2024. The company experienced a substantial decline in revenues, which totaled $69,481, marking a 56% decrease from $157,618 in the same period of 2023. This downturn was accompanied by a gross loss of $(41,042), a stark contrast to the gross profit of $87,389 reported in the previous year.

The operating loss for the period was $(3,315,069), an improvement from the $(5,440,896) loss recorded in 2023. Similarly, the net loss decreased to $(3,936,207) from $(5,472,512) in the prior year, indicating some progress in managing expenses despite the revenue drop. Net cash used in operating activities also increased to $(2,927,148) compared to $(2,258,869) in 2023.

As of September 30, 2024, the company held cash and cash equivalents of $2,749,851, an increase from $1,934,634 in the same period of 2023. However, stockholders’ equity decreased to $5,440,249 from $6,480,009 as of December 31, 2023, reflecting ongoing financial pressures.

A significant event during this period was the company's name change to N2OFF, Inc., effective March 19, 2024, along with a change in its trading symbol to NITO. Additionally, N2OFF holds approximately 23% ownership in Plantify Foods Inc., which reported a net loss of $(1,920,000) for the nine months ended September 30, 2024.

The company faces a going concern issue, with an accumulated deficit of approximately $33 million and expectations of continued losses in the foreseeable future. Furthermore, operations in Israel have been adversely affected by the ongoing conflict, which may lead to decreased revenues and operational disruptions.