P2 Solar, Inc. reported significant declines in revenue and profitability for the three and six months ended September 30, 2024, compared to the same periods in 2023. Revenue for the third quarter was $7.4 thousand, a decrease of 92% from $92.4 thousand in Q3 2023. For the six-month period, revenue fell to $23.0 thousand, down approximately 83% from $132.1 thousand in the prior year. The gross profit for Q3 2024 was $3.2 thousand, a 93% decline from $42.5 thousand in Q3 2023, while the six-month gross profit decreased to $18.5 thousand from $64.3 thousand.
Operating expenses for Q3 2024 were $38.0 thousand, down 36% from $59.4 thousand in Q3 2023. Despite this reduction, the operating loss for the quarter increased to $(34.8) thousand, compared to $(16.9) thousand in the same quarter of the previous year. The net loss for Q3 2024 was $(32.0) thousand, an improvement of 23% from $(41.4) thousand in Q3 2023. However, the comprehensive loss for the quarter rose significantly to $(58.1) thousand, compared to $(4.8) thousand in Q3 2023.
For the six months ended September 30, 2024, the net loss was $(67.6) thousand, slightly higher than the $(67.2) thousand loss reported for the same period in 2023. The company’s total stockholders’ deficit increased to $(1.9) million as of September 30, 2024, from $(1.8) million at the end of the previous fiscal period.
P2 Solar's total current assets decreased to $12.8 million from $24.4 million, primarily due to a significant drop in accounts receivable. Current liabilities rose to $1.9 million from $1.9 million, leading to a working capital deficiency of $1.9 million, up from $1.8 million. The company reported cash and cash equivalents of $235 thousand as of September 30, 2024, a decrease from $35.4 million a year earlier.
Strategically, P2 Solar acquired Futricity Solar, Inc. on February 22, 2023, which is now a wholly owned subsidiary. The acquisition includes a contingent consideration arrangement based on Futricity's future operating income, with an estimated liability of $80.5 thousand as of September 30, 2024. The company is exploring financing options to support its operations and expansion plans, as it faces substantial doubt about its ability to continue as a going concern without additional capital.
About P2 Solar, Inc.
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