Amesite Inc. Reports 77% Revenue Decline and Increased Net Loss for Six Months Ending December 31, 2024

Amesite Inc. reported a significant decline in financial performance for the six months ending December 31, 2024, with net revenue of approximately $24,010, a decrease of 77% compared to $104,776 for the same period in 2023. The company incurred a net loss of $2,029,682, which is an increase from a loss of $1,796,304 in the prior year. This loss reflects ongoing challenges in establishing a stable revenue source and the impact of increased operational costs, particularly in general and administrative expenses, which rose to $1,437,774 from $882,063 year-over-year.

The company's total assets decreased to $2,136,202 as of December 31, 2024, down from $3,314,177 at the end of the previous fiscal year. Cash and cash equivalents also saw a significant reduction, falling to $519,706 from $2,071,016. The decline in cash reserves is attributed to ongoing operational losses and a strategic pivot to grow the customer base while reducing cash burn. The company has focused on offering its academic platform on a fee-per-course basis to community colleges, which is expected to enhance accessibility and adoption.

Amesite's operational metrics indicate a shift in strategy, with a focus on AI-driven solutions, particularly the NurseMagic™ healthcare app, which aims to streamline nursing documentation and improve patient communication. The company has reported that one customer accounted for 94% of its total revenue during the six months ended December 31, 2024, highlighting a reliance on a limited customer base. The company is actively working to diversify its clientele and expand its geographic reach.

In terms of organizational changes, Amesite has increased its employee headcount, which has contributed to higher general and administrative expenses. The company has also engaged in stock-based compensation, which has further impacted its financial results. Despite these challenges, Amesite remains optimistic about its future, planning to generate cash through financing transactions, including a recent public offering that raised approximately $3.08 million in January 2025. However, the company acknowledges substantial doubt about its ability to continue as a going concern without additional funding.

Looking ahead, Amesite's management has indicated that while they are focused on stabilizing revenue and reducing losses, the path to profitability remains uncertain. The company is committed to enhancing its product offerings and expanding its market presence, but it faces significant risks, including reliance on a small number of customers and the need for ongoing capital to support its operations. The outlook remains cautious as Amesite navigates these challenges in a rapidly evolving market.