Citrine Global Corp. reported a net loss of $1.88 million for the nine months ending September 30, 2024, compared to a loss of $1.65 million during the same period in 2023. The company did not generate any revenue in either period. Operating losses decreased from $1.61 million in 2023 to $930,000 in 2024, attributed to reduced marketing and administrative expenses, which fell from $1.52 million to $930,000. The company’s cash balance dropped to $0 from $7,000 at the end of 2023, contributing to a working capital deficiency that increased to $3.19 million from $2.46 million.
In terms of operational changes, Citrine Global has faced significant disruptions due to the ongoing conflict in Israel, which has delayed the launch of its wellness product lines and other strategic initiatives. The company has initiated an internal review to broaden its scope of activities, particularly focusing on its government-supported industrial land in Yerucham, Israel. This site is seen as a strategic asset with potential for long-term development, although the current geopolitical situation has created uncertainty regarding its utilization.
Citrine Global's financial position has been bolstered by a renewed short-term loan agreement with S.R. Accord Ltd., amounting to approximately $176,000, with personal guarantees from key executives. The company has also received a government grant of approximately $3.4 million to support the establishment of the SkyTech Innovation and Production Center, which is intended to focus on developing and manufacturing plant-based wellness products. However, the company has not exercised its option to increase its stake in iBOT Israel Botanicals Ltd., retaining a 19% equity interest instead.
Looking ahead, Citrine Global's management believes it has sufficient funds to support its operations for the next twelve months, despite ongoing losses. The company is focused on developing its product lines and expanding its market presence, particularly in the U.S. market, although the timeline for these initiatives remains uncertain due to the current economic climate in Israel. The company continues to evaluate its strategic assets and align its operations with evolving market conditions and national priorities.
About CITRINE GLOBAL, CORP.
SkyTech Orion Global Corp operates through its Israeli subsidiaries, focusing on advanced unmanned aerial vehicle (UAV) and drone defense solutions. Leveraging government-supported industrial land in Yerucham, Israel, it develops, manufactures, and integrates military-grade UAV systems via its proprietary Operational Innovation Centers platform. The company serves defense sectors domestically and internationally, emphasizing scalable production, regulatory compliance, and strategic partnerships to address growing global demand for secure, innovative unmanned systems.
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