Applied Energetics Reports Revenue Decline and Increased Net Loss for Fiscal Year 2024

Applied Energetics, Inc. reported a decrease in revenue for the fiscal year ending December 31, 2024, with total revenues of $2.43 million, down 7.8% from $2.63 million in 2023. The company also experienced a net loss of approximately $9.17 million, which represents a 24.8% increase in losses compared to the previous year's net loss of $7.35 million. The decline in revenue was attributed to a contract modification that reduced the price of an existing contract, although this was partially offset by a continuation of another contract and the initiation of a new contract during the year.

Operationally, Applied Energetics has made significant strides, including the opening of a new Battle Lab facility designed to test and demonstrate advanced laser technologies. This facility, located at the University of Arizona Tech Park, expands the company's operational footprint to approximately 26,000 square feet. The company also entered into a strategic collaboration with Kord Technologies to integrate its Ultrashort Pulse technology into Kord's High Energy Laser Weapon System, which is expected to enhance its capabilities in the defense sector.

As of March 25, 2025, Applied Energetics had 21 employees and reported a total of 218,242,805 shares of common stock outstanding. The company has been actively pursuing government contracts, with a focus on directed energy technologies, which have seen increased interest and funding from the U.S. Department of Defense. The company’s management remains optimistic about future opportunities, particularly as the directed energy market is projected to grow significantly in the coming years.

Despite these developments, the company faces challenges, including a working capital deficit of $67,639 as of December 31, 2024, and a cash balance of only $164,812. The management has expressed concerns regarding its ability to continue as a going concern, emphasizing the need for additional financing to support ongoing operations and development efforts. The company has raised approximately $6 million through private placements in early 2025, which it believes will help meet its short-term cash requirements. However, the overall financial outlook remains uncertain, influenced by market conditions and the company's ability to secure further government contracts.