SenesTech Reports 56% Revenue Growth to $1.9 Million, Faces $6.2 Million Net Loss

SenesTech, Inc. reported a net revenue of $1.9 million for the fiscal year ending December 31, 2024, marking a 56% increase from $1.2 million in the previous year. This growth was primarily driven by the launch of the Evolve product line, which accounted for approximately 66% of total revenue. Despite this increase, the company continues to face challenges, as it reported a net loss of $6.2 million, a slight improvement from the $7.7 million loss recorded in 2023. The accumulated deficit now stands at $136.1 million, reflecting ongoing operational losses since the company's inception.

In terms of operational changes, SenesTech launched its Evolve product line in January 2024, which includes Evolve Rat and Evolve Mouse, both designed to manage rodent populations through fertility control. The company has received regulatory approval for these products in multiple states, with Evolve Rat currently authorized in 48 states and Evolve Mouse in 35 states. The introduction of these products is part of SenesTech's strategy to expand its market presence and offer non-lethal alternatives to traditional rodenticides, aligning with increasing regulatory scrutiny on chemical pest control methods.

The company has also seen a shift in its sales channels, with distributors now accounting for 34% of revenues compared to just 9% in 2023. This change indicates a growing acceptance of SenesTech's products within the pest management industry. However, the company reported a decline in sales of its existing ContraPest product, which may be attributed to market adjustments as Evolve products gain traction. As of December 31, 2024, SenesTech employed 23 full-time staff, a reduction from previous years, reflecting efforts to streamline operations amid ongoing financial challenges.

Looking ahead, SenesTech anticipates continued operational losses and recognizes the need for additional funding to support its commercialization efforts and research and development activities. The company has indicated that its current cash reserves of $1.3 million, combined with anticipated revenue, will only sustain operations for the next three months. As such, management is actively seeking additional financing to ensure the continuation of its business and product development initiatives. The outlook remains cautious, with the potential for further capital raises necessary to navigate the ongoing challenges in achieving profitability.