SCWorx Corp. reported a net loss of $476,303 for the first quarter of 2025, a significant increase from the loss of $178,659 recorded in the same period of 2024. Revenue for the quarter was $720,299, down from $812,099 year-over-year, primarily attributed to the expiration and non-renewal of certain customer contracts. The company's cost of revenue decreased slightly to $583,436 from $603,465, reflecting staffing reductions. Operating expenses rose to $470,860, up from $387,090, driven by increased legal and professional fees and heightened marketing expenditures.
The company's total assets increased to $7.16 million as of March 31, 2025, compared to $6.35 million at the end of 2024. This growth was largely due to a significant rise in cash reserves, which jumped to $1.07 million from $106,654. However, total liabilities decreased to $1.56 million from $1.86 million, indicating improved financial management. The accumulated deficit also widened to $31.45 million, up from $30.98 million at the end of the previous fiscal year.
In terms of operational developments, SCWorx's customer base remains geographically diverse, serving healthcare providers across the United States. The company continues to focus on enhancing its software solutions, which facilitate data normalization and interoperability for healthcare systems. The firm has also issued new convertible notes and warrants, which have contributed to its financing activities, generating $1.37 million in cash during the quarter.
Looking ahead, SCWorx faces challenges in reversing its revenue decline and achieving profitability. The company has indicated that it will need to generate significant increases in product revenues to sustain operations. Management has expressed concerns regarding its ability to continue as a going concern, citing the need for additional financing and the potential impact of ongoing litigation. The company is currently under a compliance period with Nasdaq to regain its minimum bid price requirement, which adds further pressure to its financial outlook.
About SCWorx Corp.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.