Core Highlights: - Net loss decreased by 60% compared to Q1 2023, down to $8.3 million
- Revenue increased significantly from $22,000 in Q1 2023 to $513,000, driven by engineering project services for the U.S. Government
- Gross margin remained at 100%
Revenue Breakdown: - $513,000 revenue composed of:
- Engineering project services for the U.S. Government
- Forfeited customer deposits and other services
- 93.2% of revenue from domestic customers, 6.8% from foreign customers
Management Outlook: - Raised $8.0 million from equity offerings in Q1 2024
- Pursued strategic alternatives including potential transactions
- Making technological advancements to satellite bus platform for commercial and government applications
Operating Data: - Cash used in operating activities: $5.3 million
- Ended quarter with $1.7 million in cash and cash equivalents
- Outstanding warrants and earnout shares create potential dilution
- If current cash burn rate persists, current cash would last around 3 months
Operational Risks: - Substantial doubt about ability to continue as a going concern
- Requires raising significant additional capital to fund operations and growth plans
- Pending litigation including securities class action settlement
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