Blue Biofuels, Inc. reported its financial results for the first quarter of 2025, revealing a continued lack of revenue, consistent with the previous year. The company recorded no revenue for the three months ended March 31, 2025, mirroring the same period in 2024. Operating expenses totaled $688,805, a decrease from $903,617 in the prior year, primarily due to reduced research and development costs, which fell to $350,707 from $607,635. The net loss for the quarter was $243,833, a significant improvement compared to a loss of $946,872 in the first quarter of 2024.
The company's balance sheet as of March 31, 2025, showed total assets of $1,482,623, an increase from $1,389,587 at the end of 2024. Current liabilities rose to $4,434,194, up from $4,235,490, largely due to an increase in deferred wages and additional debt. The stockholders' deficit also widened to $2,951,571 from $2,845,903, reflecting ongoing financial challenges. Cash and cash equivalents decreased to $7,583 from $48,797, indicating a tightening liquidity position.
Strategically, Blue Biofuels has made progress in its operational developments. The company has been focusing on its patented Cellulose-to-Sugar (CTS) process, which is designed to convert cellulosic materials into biofuels. In January 2024, Blue Biofuels formed a joint venture with Vertimass to build an ethanol-to-sustainable aviation fuel (SAF) facility in Florida, aiming to produce 5-10 million gallons of SAF initially, with plans to scale up to 70 million gallons annually. The company has also received a $1.15 million grant from the U.S. Department of Energy to support the commercialization of its CTS technology.
Looking ahead, Blue Biofuels faces significant challenges in securing additional financing to support its operations and growth plans. The company has indicated that it will need to generate revenue or obtain further funding to continue its business activities. Management has expressed concerns about the company's ability to continue as a going concern, given its accumulated losses of $57,499,594 since inception and a working capital deficit of $2,289,706 as of March 31, 2025. The outlook remains uncertain, with the company emphasizing the need for successful project financing and operational milestones to achieve profitability.
About BLUE BIOFUELS, INC.
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