Sharps Technology, Inc. reported a net loss of $9.3 million for the fiscal year ending December 31, 2024, a slight decrease from the $9.8 million loss recorded in 2023. The company has yet to generate any revenue since its inception, maintaining an accumulated deficit of approximately $34.4 million as of the end of 2024. The increase in losses was primarily attributed to higher research and development expenses, which rose to $2.5 million from $1.6 million in the previous year, largely due to asset impairments. Conversely, general and administrative expenses decreased by 16% to $7.2 million, reflecting cost-cutting measures.
In terms of operational developments, Sharps Technology has made significant strides in its product offerings, particularly with its Securegard and Sologard safety syringe lines, which are designed to minimize waste and enhance safety features. The company has also expanded its manufacturing capabilities with a facility in Hungary, acquired through a previous agreement with Safegard Medical. However, the company faced challenges in its acquisition strategy, including a $1 million forfeited escrow deposit related to a terminated asset purchase agreement.
The company’s workforce remains relatively small, with 55 full-time employees, primarily based in Hungary. Sharps Technology is actively seeking to expand its U.S. manufacturing capacity and has engaged in various financing activities to support its growth initiatives. In January 2025, the company completed a $20 million offering, which is expected to bolster its working capital and facilitate further operational expansion.
Looking ahead, Sharps Technology aims to drive revenue growth from its syringe products, with expectations of initial revenue generation in 2025 as it continues to secure agreements with healthcare providers and distributors. The company remains focused on enhancing its product lines and expanding its market presence, despite the ongoing challenges of being a pre-revenue entity in a competitive medical device landscape.
About Sharps Technology Inc.
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