Sigma Additive Solutions, Inc., now operating as NextTrip, Inc. following a reverse acquisition, reported significant financial changes in its latest 10-Q filing for the period ending August 31, 2024. The company experienced a substantial increase in revenue, with figures reaching $154,498 for the three months ended August 31, 2024, compared to $27,663 for the same period in 2023, marking a 459% increase. For the six months, revenue surged to $343,291 from $47,225, a 627% rise. This growth is attributed to the integration of the BookIt asset and the expansion of product offerings, which increased from 12-15 hotel chains to over 250,000 properties worldwide.
Despite the revenue growth, the company reported a gross loss of $(957) for the three months ended August 31, 2024, compared to a gross profit of $3,929 in the same period of the previous year. Total operating expenses also rose significantly, reaching $1,468,335 for the three months, up from $1,090,930 in 2023, primarily due to the relaunch of the NXT 2.0 booking engine and the costs associated with transitioning to a public company.
Net losses increased as well, with a net loss from continuing operations of $(1,533,519) for the three months ended August 31, 2024, compared to $(1,160,763) in the prior year. For the six months, the net loss was $(3,521,145), up from $(2,256,134) in 2023. The net loss applicable to common stockholders for the three months was $(1,545,338), reflecting a 33% increase from the previous year.
The company’s financial position showed a decline in total assets, which decreased to $4,888,679 from $5,088,842 as of February 29, 2024. Current liabilities surged to $5,022,782, up from $1,960,813, leading to a total stockholders' equity deficit of $(134,103) compared to $3,128,029 previously.
Strategically, the acquisition of NextTrip was finalized on December 29, 2023, allowing Sigma to access public markets for funding. The company has also engaged in various financing activities, including promissory notes and the issuance of preferred stock, to bolster its cash position, which stood at $102,006 as of August 31, 2024, down from $323,805 in February 2024. The company continues to face challenges, including a working capital deficit and the need for additional funding to sustain operations.
About SIGMA ADDITIVE SOLUTIONS, INC.
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