Mitesco Reports Revenue Growth to $18,700, Net Loss Decreases in Latest Quarter

Mitesco, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated revenues of $18,700 for the three months ended June 30, 2025, a substantial increase from $6,000 in the same period last year. For the six months ending June 30, 2025, total revenues reached $35,700, again up from $6,000 in the prior year. This growth is attributed to the operations of its newly formed subsidiary, Centcore, LLC, which focuses on data center services and cloud computing.

Despite the increase in revenue, Mitesco's operating expenses also rose, totaling $370,454 for the second quarter of 2025 compared to $345,877 in the same quarter of 2024. The increase in expenses is primarily due to the establishment of operations for its new subsidiaries and the development of a software platform. The company reported a net loss of $99,698 for the second quarter, a decrease from a loss of $769,335 in the same period last year. For the first half of 2025, Mitesco recorded a net income of $3,337,936, contrasting with a loss of $1,361,376 in the previous year, largely due to gains from the settlement of liabilities and the revaluation of derivative liabilities.

Operationally, Mitesco has made strides in restructuring its business model, including the formation of two new wholly owned business units: Centcore, which provides data center services, and Vero Technology Ventures, which seeks investment opportunities in cloud computing. The company has also engaged in significant debt restructuring, converting over $25 million of obligations into common stock and Series A preferred shares. As of June 30, 2025, Mitesco's total liabilities decreased to $22.2 million from $26.6 million at the end of 2024, reflecting its ongoing efforts to manage its financial obligations.

The company reported a total of 11,742,807 shares of common stock outstanding as of June 30, 2025, an increase from 9,762,258 shares at the end of 2024. Mitesco's cash and cash equivalents stood at $2.7 million, down from $3.4 million at the end of the previous fiscal year. The company continues to face challenges, including a significant accumulated deficit of $60.5 million and ongoing legal settlements totaling approximately $2.8 million. Mitesco's management has expressed concerns about the company's ability to continue as a going concern, emphasizing the need for additional funding to support operations.

Looking ahead, Mitesco aims to leverage its new business units to drive growth and improve financial stability. The company is focused on expanding its cloud computing services and developing new software applications, including an artificial intelligence-based sales automation tool expected to launch in the third quarter of fiscal 2025. However, the company acknowledges that its future success is contingent upon securing additional capital and generating sufficient revenue to sustain its operations.