FOXO Technologies Inc. reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated net revenues of $4.1 million, a substantial increase from $145,291 in the previous year, marking a growth of 2,688.6%. This surge in revenue was primarily attributed to the acquisitions of Myrtle Recovery Centers and Rennova Community Health, which contributed $0.6 million and $3.4 million, respectively. Despite this revenue growth, FOXO reported a net loss attributable to common stockholders of $13.5 million, a decrease from a loss of $29.8 million in 2023, reflecting a 54.8% improvement in financial performance.
The company underwent significant operational changes during the fiscal year, including the acquisition of Myrtle Recovery Centers on June 14, 2024, and Rennova Community Health on September 10, 2024. These acquisitions allowed FOXO to expand its healthcare segment, which now includes behavioral health services and a critical access hospital in Oneida, Tennessee. The restructuring of its business segments also led to the consolidation of its Labs and Life segment into the healthcare division, reflecting a strategic shift towards integrated healthcare services.
FOXO's operational metrics indicate a focus on enhancing its healthcare offerings. As of March 31, 2025, the company employed 168 individuals, with 102 in full-time positions. The company aims to grow its healthcare division through further acquisitions and investments in targeted areas. However, the company also reported a working capital deficit of $29.8 million, raising concerns about its liquidity and ability to fund operations without additional capital. The management has indicated that securing further financing is critical to sustaining operations and pursuing growth initiatives.
The filing also highlighted the company's ongoing challenges, including a substantial amount of debt and the need for additional capital to support its operations through 2025. FOXO's management has acknowledged that its current cash resources are insufficient to meet operational needs, and it plans to pursue various financing options, including equity and debt offerings. The company has also faced legal challenges, including a recent settlement agreement related to a lawsuit and ongoing discussions regarding severance obligations for former executives.
Looking ahead, FOXO Technologies Inc. is focused on leveraging its epigenetic biomarker technology to enhance its healthcare services and expand its market presence. The company is optimistic about the potential for growth in the healthcare sector, particularly in behavioral health and wellness testing, but recognizes the need for strategic capital management and operational efficiency to navigate the challenges ahead.
About FOXO TECHNOLOGIES INC.
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