Optimus Healthcare Services, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a mixed performance compared to the previous fiscal period. The company recorded net revenue of $384,763 for Q3 2024, a decrease of $68,954 from $453,717 in Q3 2023. However, for the nine months ended September 30, 2024, net revenue increased to $1,368,531, up from $1,047,773 in the same period of 2023, reflecting a growth of $320,758.
Gross profit for Q3 2024 was $310,702, down from $373,967 in Q3 2023, while for the nine-month period, gross profit rose to $1,174,227 from $828,841, indicating improved profitability over the longer term. Total operating expenses for Q3 2024 increased to $1,912,132 from $1,720,269 in Q3 2023, but for the nine months, operating expenses significantly decreased to $3,512,582 from $7,282,750, primarily due to cost-cutting measures following the discontinuation of its early-stage pharmacy operations, VitalityRx, in December 2023.
Despite the revenue growth for the nine-month period, the company reported a net loss of $1,806,532 for Q3 2024, slightly higher than the loss of $1,778,119 in Q3 2023. The nine-month net loss also improved to $3,681,086 from $7,592,961 in the prior year, showcasing a reduction of $3,911,875.
As of September 30, 2024, Optimus Healthcare had cash and cash equivalents of $152,357, an increase from $100,319 at the end of 2023. However, the company faced a working capital deficit of $9,424,229, worsening from $7,227,506 at the end of the previous fiscal year. The total liabilities increased to $9,973,263 from $8,211,060, while total assets decreased to $629,520 from $1,070,098.
Strategically, the company is navigating financial challenges, including a forbearance agreement with Arena Investors regarding its senior secured convertible notes. The company is exploring legal action against an investor due to a default on a subscription agreement and is considering options such as a potential sale of its business or ceasing operations. Additionally, Optimus Healthcare has been actively seeking to raise capital, including a recent subscription agreement to issue series C convertible preferred stock for gross proceeds of $2,000,000, although it has not yet received these funds.
Overall, while the company has made strides in reducing losses and increasing revenue over nine months, it continues to face significant operational and financial hurdles.
About Optimus Healthcare Services, Inc.
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