TOMI Environmental Solutions, Inc. reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. For Q3 2024, the company achieved net sales of $2.54 million, a 73% increase from $1.47 million in Q3 2023. For the nine months, total revenue rose to $6.67 million, reflecting a 14.5% increase from $5.83 million in the prior year. The growth was primarily driven by a substantial increase in SteraMist product revenue, which surged 85% in Q3 2024 to $1.77 million, up from $0.95 million in Q3 2023.
Gross profit for Q3 2024 was reported at $1.56 million, yielding a gross profit margin of 61.4%, an increase from 55% in the same quarter of 2023. The company recorded an operating income of $149,000 for Q3 2024, a turnaround from an operating loss of $901,000 in Q3 2023. However, for the nine-month period, TOMI reported a net loss of $1.22 million, an improvement from a loss of $2.18 million in the same period last year.
The company’s cash position as of September 30, 2024, was $809,000, down from $2.34 million at the end of 2023. Cash used in operations decreased to $1.45 million for the nine months ended September 30, 2024, compared to $2.36 million in the previous year, attributed to reduced operational losses and cost management strategies.
Strategically, TOMI has focused on expanding its SteraMist product line and enhancing its market presence. The company formed a strategic partnership with EMAQ, which invested over $1 million in SteraMist equipment. Additionally, TOMI signed a contract for a Custom Engineered System valued at approximately $600,000 with a California-based life sciences company, expected to be operational by the end of 2024.
Cost management initiatives have included a 30% reduction in executive compensation and a decrease in general and administrative expenses, which fell by 4% for the nine months ended September 30, 2024. The company also reduced its participation in tradeshows to optimize its budget, redirecting resources towards more effective lead generation strategies.
Overall, TOMI's performance in Q3 2024 reflects a strategic focus on product expansion and cost management, positioning the company for potential growth in the decontamination and disinfection market.
About TOMI Environmental Solutions, Inc.
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