Titan Environmental Solutions Inc. (formerly TraQiQ, Inc.) reported significant financial developments in its 10-Q filing for the nine months ended September 30, 2024. The company experienced a notable increase in total revenue, which reached $8.3 million, a 49% rise from $5.6 million in the same period of 2023. This growth was primarily driven by enhanced waste collection and disposal services, which generated $7.0 million, up from $4.6 million in the prior year. Additionally, product sales and related services contributed $1.3 million, compared to $935,209 in 2023.

Despite the revenue growth, Titan reported a net loss of $18.2 million for the nine months ended September 30, 2024, a substantial improvement from a net loss of $142.2 million in the previous year. The operating loss also decreased to $15.1 million, down from $25.1 million in 2023. The reduction in losses was attributed to a 37% decrease in total operating expenses, which fell to $16.2 million from $25.9 million.

The company’s balance sheet showed total assets of $30.2 million as of September 30, 2024, up from $22.2 million at the end of 2023. This increase was driven by a rise in non-current assets, which grew to $27.8 million, reflecting the acquisition of Standard Waste Services on May 31, 2024, for approximately $16.1 million. The acquisition included $4.7 million in cash, $2.9 million in note payables, and 612,000 shares of Series A Preferred Stock valued at $8.6 million.

Total liabilities also increased significantly to $25.1 million from $16.9 million at the end of 2023, primarily due to the new debt incurred from the acquisition. The company reported a working capital deficit of $16.3 million, worsening from a deficit of $10.9 million at the end of 2023.

In terms of strategic developments, Titan completed the sale of its subsidiary Recoup Technologies, Inc. on October 31, 2024, for $1 million, which included a $250,000 promissory note and $750,000 in debt cancellation. The company also underwent a redomicile from California to Nevada, effective January 10, 2024, and changed its trading symbol from “TRIQ” to “TESI.”

The company’s management expressed substantial doubt about its ability to continue as a going concern, contingent upon obtaining additional financing and generating revenue. Titan plans to seek further funding through debt or equity financing within the next twelve months.