DarkPulse, Inc. (DPI) reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial decline in revenue, with total revenues for the three months at $30.7 thousand, down from $82.1 thousand in the same period of 2023. For the nine months ended September 30, 2024, revenues plummeted to $55.8 thousand, a decrease of approximately $1.98 million compared to $2.03 million in the prior year. This decline was attributed to the absence of revenue from key subsidiaries, including Wildlife, Optilan, and TJM Electronics West, due to capital and resource constraints.
Despite the drop in revenue, DarkPulse reported a reduced operating loss of $558.8 thousand for the three months ended September 30, 2024, compared to a loss of $477.2 thousand in the same quarter of 2023. The nine-month operating loss also decreased significantly to $1.56 million from $17.58 million in the previous year. The net loss for the three months was $587.0 thousand, down from $998.6 thousand in 2023, while the nine-month net loss was $3.54 million, a notable improvement from $19.92 million in the prior year.
The company’s total assets decreased to $2.99 million as of September 30, 2024, from $4.11 million at the end of 2023, primarily due to the liquidation of Optilan (UK) Limited, which resulted in a loss on deconsolidation of $1.64 million. Total liabilities increased to $23.28 million, up from $20.79 million at the end of 2023, with current liabilities exceeding current assets by $20.54 million.
In terms of strategic developments, DarkPulse made a $65,000 acquisition of shares in Optilan India PVT and Optilan Communication & Security Systems, which included intellectual property rights related to accounting systems and sensor systems user interface. The company is actively seeking additional funding to support its operations and strategic objectives, as its cash and cash equivalents rose to $165.2 thousand from $11.9 thousand at the end of 2023.
The company’s stockholder deficit increased to $20.29 million as of September 30, 2024, compared to $16.68 million at the end of 2023. DarkPulse continues to navigate a challenging financial landscape while focusing on its core business in technology-security applications across various industries.
About DarkPulse, Inc.
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