Strategic Environmental & Energy Resources, Inc. (SEER) reported its financial results for the three and nine months ended September 30, 2024, showing a modest increase in revenue but continued net losses. For the three months ended September 30, 2024, SEER generated revenue of $888,800, a slight increase from $870,300 in the same period of 2023. For the nine-month period, revenue rose to $2,640,500, up 18% from $2,154,700 in the prior year. This growth was primarily driven by product sales in Environmental Solutions, which totaled $2,007,800 for the nine months ended September 30, 2024.

Despite the revenue increase, SEER's operating expenses also rose, totaling $1,113,700 for the three months ended September 30, 2024, compared to $1,101,800 in 2023. For the nine months, operating expenses increased to $3,599,600 from $3,352,400. The company reported a net loss of $461,900 for the three months ended September 30, 2024, slightly higher than the loss of $454,300 in the same period of 2023. For the nine months, the net loss decreased to $1,491,000 from $1,671,700 in the previous year.

SEER's financial condition remains challenging, with an accumulated deficit of approximately $35.9 million as of September 30, 2024, up from $34.4 million at the end of 2023. The company reported total current liabilities exceeding current assets by approximately $13.1 million, raising substantial doubt about its ability to continue as a going concern. Total liabilities increased to $15,961,800 from $14,139,500 at the end of 2023.

In terms of strategic developments, SEER has focused on organic growth and improving margins through cost management and pricing strategies. The company has discontinued its media production operations under its wholly-owned subsidiary, SEM, LLC, which had historically low margins. SEER is now concentrating on biochar production in Texas and has raised approximately $0.8 million from debt issuance during the nine months ended September 30, 2024.

The company continues to evaluate various financing options to secure additional working capital and increase revenues, although there is no assurance of achieving profitability or positive cash flow in the future. As of September 30, 2024, SEER's total debt stood at $8,903,400, reflecting an increase from $8,201,800 at the end of 2023.