PetVivo Holdings Reports Revenue Decline and Increased Net Loss for Three and Nine Months Ended December 31, 2024

PetVivo Holdings, Inc. reported its financial results for the three and nine months ended December 31, 2024, revealing a slight decline in revenue compared to the previous fiscal period. For the three months, the company generated revenues of $583,313, down from $595,891 in the same period last year. For the nine months, revenues totaled $907,783, a decrease from $920,440. The cost of sales remained relatively stable, with $61,497 for the three months and $95,653 for the nine months, leading to gross profits of $521,816 and $812,130, respectively.

The company’s operating expenses decreased significantly, totaling $2,280,221 for the three months and $6,788,008 for the nine months, compared to $2,666,946 and $8,795,338 in the prior year. This reduction was primarily attributed to lower general and administrative expenses and sales and marketing costs. The net loss for the three months was $1,757,038, or $(0.09) per share, compared to a loss of $1,749,848, or $(0.12) per share, in the previous year. For the nine months, the net loss was $5,979,594, or $(0.30) per share, down from $8,304,578, or $(0.64) per share, in the same period last year.

In terms of operational developments, PetVivo continues to focus on its lead product, Spryng™ with OsteoCushion™ Technology, which is designed for the management of joint afflictions in dogs and horses. The company has been actively working on clinical studies to support the product's commercialization and has entered into distribution agreements to enhance market penetration. As of December 31, 2024, PetVivo's inventory was valued at $353,307, down from $390,076 at the end of the previous fiscal year, indicating a strategic focus on managing production and sales.

The company’s financial position reflects a working capital deficit of $1,709,485 as of December 31, 2024, with current assets of $1,226,829 and current liabilities of $2,936,314. PetVivo has indicated the need for additional capital to support its operations and product commercialization efforts. The company plans to continue raising funds through the sale of securities, although it acknowledges the uncertainty surrounding its ability to secure such financing.

Looking ahead, PetVivo Holdings remains committed to expanding its product pipeline and increasing the adoption of Spryng™ in the veterinary market. The company is optimistic about its growth potential, driven by ongoing clinical studies and strategic partnerships, although it recognizes the challenges posed by its current financial situation and the need for effective capital management.