Basanite, Inc. reported a significant decline in financial performance for the third quarter of 2025, with revenues of $1,513 compared to $62,836 in the same period of the previous year. For the nine months ending September 30, 2025, the company generated $67,459 in revenue, down from $209,176 in 2024. The gross profit for the quarter was negative $108,365, reflecting the challenges faced in scaling operations and the impact of manufacturing constraints. The company reported a net loss of $206,538 for the quarter, an improvement from a loss of $373,992 in the prior year, but the cumulative net loss for the nine months reached $1,373,529, compared to $1,085,131 in 2024.
The company's balance sheet showed a total asset reduction to $125,239 as of September 30, 2025, down from $265,709 at the end of 2024. Current liabilities increased to $10,080,382 from $9,091,656, contributing to a shareholders' deficit of $9,955,143. The increase in liabilities was primarily due to higher accruals and other current liabilities, which rose to $2,820,322 from $1,815,877. The company has been actively managing its cash flow, with cash and cash equivalents dropping to zero from $82,222 at the end of 2024.
Strategically, Basanite has focused on its core product lines, including BasaFlex™, a basalt fiber reinforced polymer rebar, and other composite products aimed at the construction industry. The company has been pursuing additional product qualifications and approvals, recently receiving ICC-ES certification and Florida Department of Transportation approval, which are expected to enhance market acceptance and project bidding opportunities. However, the company has also faced operational challenges, including a full reduction of staff and a halt in manufacturing operations, which it plans to restart in 2026.
Operationally, Basanite's customer engagement has been limited, with the company reporting a decrease in sales volume and reliance on outside vendors for fulfillment. The company has indicated that it is actively seeking to secure a manufacturing facility and has increased its safety stock of raw materials to mitigate supply chain risks. As of September 30, 2025, Basanite's employee headcount has been significantly reduced, and the company anticipates returning to a fully staffed operation by the end of 2026.
Looking ahead, Basanite's management has expressed concerns regarding liquidity and the ability to continue as a going concern. The company is exploring various financing options, including potential private or public offerings, to support its operations and expansion plans. However, there is no assurance that it will be able to secure the necessary funding or generate sufficient revenue to achieve positive cash flow. The ongoing challenges, including inflation and supply chain disruptions, may further impact the company's operational capabilities and financial stability.
About BASANITE, INC.
Basanite, Inc. manufactures sustainable, corrosion-proof basalt fiber reinforced polymer (BFRP) composite products for concrete reinforcement in the construction industry. Its core offerings include BasaFlex™ rebar, BasaMix™ fibers, and BasaMesh™ geogrid mesh, designed to replace traditional steel rebar by extending concrete lifespan and reducing maintenance costs. Targeting contractors, distributors, and government agencies, Basanite leverages proprietary manufacturing and design software to provide lightweight, eco-friendly alternatives with lower installation costs.
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