Sunstock, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance compared to the previous fiscal period. For the three months, revenues totaled $2,998,619, a slight decrease from $3,003,336 in the same period of 2023. However, for the nine months, revenues significantly declined to $6,287,496 from $9,501,467 year-over-year. The cost of sales for the three months ended September 30, 2024, was $2,845,117, down from $2,971,787 in 2023, while for the nine months, it decreased to $5,936,622 from $9,389,237.

Despite the revenue decline, Sunstock reported a notable improvement in profitability. The gross profit for the three months ended September 30, 2024, was $153,502, compared to $31,549 in the prior year. For the nine months, gross profit rose to $350,874 from $112,230. The company achieved a profit from operations of $126,509 for the three months, a turnaround from an operating loss of $(68,574) in 2023, and a profit of $214,066 for the nine months, compared to an operating loss of $(86,655) in the previous year.

Net income for the three months ended September 30, 2024, was $200,961, a significant recovery from a net loss of $(91,734) in the same quarter of 2023. For the nine months, net income reached $463,785, compared to a net loss of $(263,891) in the prior year. The income per share for the three months was $0.04, up from $(0.02), and for the nine months, it was $0.09 compared to $(0.05).

The company’s total assets increased to $2,726,815 as of September 30, 2024, from $2,148,013 at the end of 2023, while total current assets rose to $2,702,572 from $2,110,690. Total stockholders’ equity also improved significantly to $1,973,814 from $1,370,279. Current liabilities decreased slightly to $601,432 from $615,215.

Sunstock's inventory of precious metals and coins increased to $2,675,646 as of September 30, 2024, compared to $2,087,573 at the end of 2023. The company has faced cash shortages and past due obligations but has indicated that it can utilize its bullion to meet current obligations if necessary.

The company continues to address internal control weaknesses and plans to enhance its accounting systems. Additionally, Sunstock intends to raise funds through a private placement of equity to support its operations and address ongoing financial challenges.