Eva Live Inc. reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated revenues of $9.33 million, a 83% increase from $5.10 million in the previous fiscal year. Despite this growth, Eva Live incurred a net loss of $3.75 million, an improvement from the $6.61 million loss reported in 2023. The reduction in losses was attributed to decreased share-based expenses for management, which contributed to a decline in general and administrative costs from $8.68 million in 2023 to $7.48 million in 2024.
Operationally, the company served six customers in 2024, down from seven in 2023, with the top three customers accounting for 85% of total revenue, compared to 93% the previous year. This concentration of revenue highlights the company's dependency on a limited customer base, which poses risks if any major client reduces spending or terminates their relationship. The company also reported a working capital surplus of $1.56 million as of December 31, 2024, compared to a surplus of $652,446 in 2023.
Strategically, Eva Live has focused on enhancing its digital marketing capabilities through its AI-driven Eva Platform, which optimizes advertising campaigns. The company completed the development of the Eva XML Platform, which facilitates traffic buying and selling through various digital channels. Additionally, the company has been involved in acquisitions, including the purchase of AdFlare Limited in July 2022, which has expanded its capabilities in the header bidding space.
Looking ahead, Eva Live's management has expressed concerns regarding its ability to continue as a going concern, given the accumulated deficit of $28.47 million as of December 31, 2024. The company plans to seek additional capital through equity or debt financing to support its operations and growth initiatives. Management anticipates that the next twelve months will require significant investment in technology and marketing to enhance revenue generation and achieve positive cash flow. The company is also considering a reverse stock split to meet listing requirements for national exchanges, which could attract institutional investors.
About Eva Live Inc
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