Zivo Bioscience, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.

For the third quarter of 2024, Zivo generated total revenues of $31,500, a notable increase from $11,800 in the same quarter of 2023. The gross margin also improved to $9,450 from $4,130 year-over-year. However, total costs and expenses surged to $2,269,487, up from $1,576,518 in the prior year, leading to a loss from operations of $(2,260,037), compared to $(1,572,388) in Q3 2023. The net loss for the quarter was $(2,268,597), an increase from $(1,824,922) in the same period last year. Basic and diluted loss per share improved slightly to $(0.67) from $(1.05).

For the nine months ended September 30, 2024, total revenues reached $67,220, significantly up from $15,850 in the same period of 2023. The gross margin for this period was $21,952, compared to $7,479 in the prior year. However, total costs and expenses rose sharply to $11,787,430 from $5,373,906, resulting in a loss from operations of $(11,765,478), compared to $(5,366,427) in the previous year. The net loss for the nine months was $(11,783,451), compared to $(5,868,637) in 2023, with basic and diluted loss per share at $(3.87), slightly worse than $(3.64) in the prior year.

Zivo's cash position decreased to $159,403 as of September 30, 2024, down from $274,380 at the end of 2023. The company reported total current liabilities of $2,578,656, a decrease from $2,761,558 at the end of the previous fiscal year. The additional paid-in capital increased to $133,278,605 from $121,373,488, reflecting ongoing financing activities.

Strategically, Zivo is focusing on developing bioactive compounds from its algal culture, particularly targeting diseases in poultry and other animals. The company has identified a product candidate for treating coccidiosis in broiler chickens as a key revenue-generating opportunity. Zivo is also seeking strategic partnerships for late-stage development and commercialization of its products.

Despite these developments, Zivo faces substantial doubt regarding its ability to continue as a going concern, with management indicating that existing cash will not suffice to fund operations for the next twelve months. The company plans to secure additional funding through equity or debt financing to sustain its operations.