Trutankless, Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a significant increase in revenue compared to the same periods in 2024. For the three months ended September 30, 2025, the company generated $223,950 in net sales, up from $179,701 in the prior year, while for the nine months, revenue surged to $748,491 from $191,285. Despite this growth, the company continues to face challenges, posting a net loss of $918,110 for the third quarter, a notable improvement from the $3,420,112 loss reported in the same quarter last year. The nine-month net loss also decreased to $3,758,712 from $4,908,865.
The financial performance reflects a strategic shift towards the sales of the new Gen 3 trutankless® residential products, which management attributes to the increase in revenue. However, the cost of goods sold also rose significantly, reaching $170,712 for the third quarter compared to $115,480 a year earlier. Operating expenses for the third quarter totaled $728,311, a substantial decrease from $2,120,243 in the same period last year, primarily due to reduced professional fees and a decrease in research and development costs.
Operationally, Trutankless has made notable changes, including a focus on increasing sales and enhancing its production capabilities. The company reported an increase in inventory, which stood at $1,693,218 as of September 30, 2025, compared to $350,866 at the end of 2024. This increase in inventory is indicative of the company's efforts to meet anticipated demand for its products. Additionally, the company has maintained a workforce that supports its operational needs, although specific employee headcount figures were not disclosed.
Despite the positive revenue trends, Trutankless faces significant financial challenges, including an accumulated deficit of $80,860,681 and a working capital deficiency of $9,979,271 as of September 30, 2025. The company reported cash on hand of only $32,622, raising concerns about its ability to sustain operations without additional capital. Management has indicated plans to raise further capital and invest in marketing to boost product demand, but there is no assurance that these efforts will yield the necessary financial stability.
Looking ahead, Trutankless acknowledges substantial doubt about its ability to continue as a going concern within the next year unless it can generate sufficient revenue and secure additional funding. The company is exploring various financing options, including equity offerings and debt financing, to support its operations and growth strategy. However, the potential for dilution of existing shareholders and the uncertainty surrounding future capital raises remain critical considerations for the company's financial outlook.
About Trutankless, Inc.
Trutankless, Inc. designs and markets energy-efficient, smart electric tankless water heaters for residential and light commercial use. Its products, integrated with home automation and leak detection features, target the U.S. market, focusing on eco-conscious consumers, builders, and plumbing professionals. The company emphasizes innovation, proprietary technology, and wholesale distribution, aiming to replace traditional tank systems with sustainable, on-demand hot water solutions.
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