Specificity, Inc. Reports Revenue Decline and Increased Net Losses in Q3 2024

Specificity, Inc. reported its financial results for the third quarter and the first nine months of 2024, revealing a decline in revenue and an increase in net losses compared to the same periods in 2023. For the three months ended September 30, 2024, the company generated $213,675 in net revenues, a decrease of 21% from $270,888 in the same quarter of the previous year. In the nine-month period, revenues increased to $847,226, up from $765,232 in 2023, indicating a year-to-date growth of 10.7%. However, the company reported a net loss of $224,262 for the third quarter, compared to a loss of $64,597 in the prior year, and a total net loss of $309,290 for the nine months, down from $635,445 in 2023.

The financial statements also highlighted significant changes in the company's operational expenses. Total operating expenses for the third quarter rose to $262,137, compared to $248,684 in the same period last year. Notably, general and administrative expenses increased to $218,129 from $185,419, reflecting higher costs associated with operational activities. The gross profit for the third quarter was $50,375, a sharp decline from $217,514 in the previous year, primarily due to increased costs of services, which rose to $163,300 from $53,374.

In terms of strategic developments, Specificity, Inc. has made notable changes to its capital structure. The company issued additional common stock, increasing the total shares outstanding to 11,620,772 as of September 30, 2024, up from 11,216,438 at the end of 2023. This increase in shares is part of the company's efforts to raise capital, including a recent 506 offering. The additional paid-in capital also rose to $5,393,498 from $5,116,403, indicating ongoing efforts to strengthen its financial position.

Operationally, Specificity, Inc. has faced challenges reflected in its balance sheet. Total assets decreased to $47,837 as of September 30, 2024, down from $89,141 at the end of 2023. Current liabilities remained relatively stable at $967,380, compared to $976,893 previously. The company’s accumulated deficit increased to $7,775,921, up from $7,466,631, indicating ongoing financial pressures. The company has not reported any significant changes in customer counts or user statistics in the filing.

Looking ahead, Specificity, Inc. has indicated a cautious outlook, acknowledging the need to improve operational efficiency and revenue generation. The company is focused on strategic initiatives to enhance product adoption and market share, particularly in light of the recent financial performance. Management is committed to addressing the challenges faced in the current fiscal year while exploring opportunities for growth and expansion in its target markets.