Sonendo, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance amid significant strategic changes. For the third quarter of 2024, the company generated revenue of $8.036 million, a slight decrease of 2% from $8.163 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $23.397 million, down 9% from $25.604 million in the prior year. Despite the revenue decline, gross profit for the third quarter surged to $3.310 million, a substantial increase from $884,000 in the previous year, while gross profit for the nine months rose to $8.427 million from $2.377 million.
Operating losses improved significantly, with a loss of $(6.792) million for the third quarter of 2024 compared to $(16.565) million in the same quarter of 2023, marking a 59% improvement. For the nine-month period, operating losses were $(23.728) million, down from $(48.986) million in the prior year, reflecting a 52% reduction. The net loss for the third quarter was $(7.536) million, compared to $(16.980) million in the same quarter of 2023, while the nine-month net loss decreased to $(21.663) million from $(50.041) million.
The company’s total current assets decreased to $34.724 million as of September 30, 2024, down from $65.271 million at the end of 2023. Total assets also fell to $38.131 million from $78.160 million. However, total current liabilities were reduced to $19.115 million from $35.321 million, leading to a decrease in total stockholders’ equity to $10.966 million from $28.419 million.
Strategically, Sonendo divested its software segment in March 2024, resulting in a gain of $5.7 million recognized in income from discontinued operations. The company also faced challenges in maintaining its stock listing, having been suspended from trading on the NYSE in November 2023 and subsequently trading on the OTCQX. A reverse stock split of 1-for-200 was implemented in October 2024 to comply with OTCQX standards, following a notice of non-compliance due to a low bid price.
Looking ahead, Sonendo plans to mitigate ongoing losses through operational expense reductions and exploring financing options. The company continues to focus on increasing the adoption of its GentleWave System, which is central to its business strategy.
About Sonendo, Inc.
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