FOXO Technologies Reports $3.17M Revenue and $1.1M Net Loss for Quarter Ending March 31, 2025

FOXO Technologies Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company generated net revenues of $3.17 million, a substantial increase from $7,180 in the same period last year. This growth is attributed primarily to the contributions from its recently acquired healthcare subsidiaries, Myrtle Recovery Centers and Rennova Community Health, which together accounted for approximately $3.2 million of the total revenue. Despite this increase in revenue, FOXO recorded a net loss attributable to common stockholders of $1.1 million, a notable improvement from a loss of $2.16 million in the prior year.

The company's operating expenses surged to $4.72 million, up from $1.19 million in the previous year, largely due to the integration of Myrtle and RCHI's operational costs. Direct costs of revenue were reported at $1.9 million, reflecting the costs associated with the healthcare services provided by these subsidiaries. Additionally, selling, general, and administrative expenses rose significantly, driven by the operational scale-up following the acquisitions. The loss from operations for the quarter was $1.55 million, compared to a loss of $1.18 million in the same quarter of 2024.

FOXO's balance sheet showed total assets of $41.88 million as of March 31, 2025, a slight increase from $41.71 million at the end of 2024. The company reported a working capital deficit of $25.46 million, which raises concerns about its liquidity. Cash and cash equivalents decreased to $16,907 from $68,268 at the end of the previous year. The company has indicated that it will need to secure additional financing to support its operations and growth strategy, as its current cash position is insufficient to fund operations for the next twelve months.

Strategically, FOXO has made significant moves, including the acquisition of Myrtle and RCHI, which have allowed it to expand into the healthcare sector. The company has also undergone a reverse stock split, effective April 28, 2025, to enhance its stock price and attract potential investors. Furthermore, FOXO has been actively involved in raising capital through various financing arrangements, including the issuance of preferred stock and convertible promissory notes.

Looking ahead, FOXO Technologies is focused on leveraging its healthcare acquisitions to generate positive cash flow while continuing to develop its epigenetic biomarker technology. The company acknowledges the need for additional capital to sustain its operations and execute its growth plans, emphasizing the importance of securing funding to navigate its current financial challenges.