Specificity, Inc. Reports Q2 2024 Financial Results with Revenue Decline and Improved Net Loss

Specificity, Inc. reported its financial results for the second quarter of 2024, revealing a net revenue of $234,690 for the three months ended June 30, 2024, a decrease of 18.5% compared to $287,983 in the same period of 2023. For the first half of 2024, the company generated $633,551 in revenue, which represents a 28.2% increase from $494,344 in the first half of 2023. Despite the revenue growth over the six-month period, the company reported a net loss of $48,548 for the second quarter, significantly improved from a loss of $330,498 in the prior year’s quarter. The loss for the first half of 2024 was $85,028, compared to $570,848 for the same period in 2023.

The company’s total assets decreased to $19.8 million as of June 30, 2024, down from $89.1 million at the end of 2023. This decline was primarily driven by a reduction in cash and cash equivalents, which fell to $7,197 from $49,149, and a decrease in accounts receivable. Current liabilities also saw a decrease, totaling $897,568 compared to $976,893 at the end of the previous fiscal year. The stockholders' deficit improved slightly to $(1,877,779) from $(1,887,752) as of December 31, 2023.

In terms of operational developments, Specificity, Inc. reported a significant reduction in operating expenses, which totaled $142,602 for the second quarter of 2024, down from $369,328 in the same quarter of 2023. This reduction was attributed to lower sales and marketing expenses, which decreased to $26,566 from $113,970, and a decrease in general and administrative expenses. The company’s employee headcount remained stable, with no significant changes reported in staffing levels.

The filing also noted that the company has been focusing on strategic initiatives to enhance its market position, including the issuance of common stock in exchange for services rendered and the conversion of convertible notes. The total number of shares outstanding increased to 11,389,442 as of June 30, 2024, from 11,216,438 at the end of 2023. Specificity, Inc. is actively pursuing opportunities for geographic expansion and product adoption, although specific metrics on customer counts or user statistics were not disclosed in the filing.

Looking ahead, Specificity, Inc. expressed cautious optimism regarding its financial outlook, emphasizing its commitment to improving operational efficiency and reducing costs. The company aims to leverage its recent revenue growth while continuing to manage expenses effectively. The management remains focused on strategic growth initiatives and is optimistic about the potential for future profitability as market conditions evolve.