Q2 2024 Financial Results: A Mixed Bag for Tech and Healthcare Companies

iCAD Reports Financial Results for Second Quarter Ended June 30, 2024 By Investing.com

NASHUA, N.H., Aug. 13, 2024 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: NASDAQ:ICAD) (iCAD or the Company) a global leader on a mission to create a world where cancer can't hide by providing clinically proven AI-powered breast health solutions, today reported its financial and operating results for the three and six months ended June 30, 2024. Second Quarter 2024 Highlights (Year over Year Performance): The second quarter of 2024 was highlighted by strong revenue growth of 21%, which demonstrates the success of our strategic direction as we continue to drive consistent performance, said Dana Brown, President and CEO of iCAD, Inc. In line with Phase 3 of our transformation plan, this quarter we continued to maximize revenue from our sizeable install base, upgrading customers to new versions including the transition to Cloud, and accelerated deployment across large, national accounts. In the second quarter, we closed 60 perpetual, 29 subscription, and 10 cloud deals with both new and established customers. We believe our efforts to reduce expenses and grow sales are yielding results. This was our first full quarter offering our ProFound Cloud SaaS platform, and the offering has been received better than expected by both existing and new customers. We believe this solution not only empowers customers but should also create a more predictable and robust economic model for the business over time as it grows as a percentage of revenue. The chart below illustrates the growth of ARR (Annual Recurring Revenue) between the first quarter of 2022, when subscription sales first began, and the second quarter of 2024: Three Months Ended June 30, 2024 Financial Results Total revenue for the second quarter of 2024 was $5.0 million, an increase of $0.9 million, or 21%, as compared to the second quarter of 2023. Gross Profit: Gross profit for the second quarter of 2024 was $4.2 million, or 84% of revenue, as compared to $3.4 million, or 81% of revenue, in the second quarter of 2023. Operating Expenses: Total operating expenses for the second quarter of 2024 were $6.2 million, a 4% increase from $5.9 million in the second quarter of 2023. GAAP Net Loss from continuing operations: Net loss from continuing operations for the second quarter of 2024 was ($1.7) million, or ($0.07) per diluted share, as compared to a net loss of ($2.3) million, or ($0.09) per diluted share, for the second quarter of 2023. Non-GAAP Adjusted Net Loss from continuing operations: Non-GAAP Adjusted Net Loss from continuing operations, a non-GAAP financial measure as defined below, for the second quarter of 2024 was ($1.6) million, or ($0.07) per diluted share, as compared to a Non-GAAP Adjusted Net Loss of ($2.2) million, or ($0.09) per diluted share, for the second quarter of 2023. Please refer to the section entitled Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss results for the three-month periods ended June 30, 2024 and 2023, respectively. Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP financial measure as defined below, for the second quarter of 2024 was a loss of ($1.2) million compared to a loss of $(2.1) million in the second quarter of 2023. Please refer to the section entitled Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results for the three-month periods ended June 30, 2024 and 2023, respectively. Six Months Ended June 30, 2024 Financial Results Total revenue for the six months ended June 30, 2024 was approximately $10.0 million, an increase of approximately $1.5 million, or 17%, as compared to the six months ended June 30, 2023. Gross Profit: Gross profit for the six months ended June 30, 2024 was $8.3 million, or 83% of revenue, as compared to $6.9 million, or 82% of revenue, in the six months ended June 30, 2023. Operating Expenses: Total operating expenses for the six months ended June 30, 2024 were $11.7 million, an 8% decrease from $12.7 million in the six months ended June 30, 2023. GAAP Net Loss from continuing operations: Net loss from continuing operations for the six months ended June 30, 2024 was ($2.9) million, or ($0.11) per diluted share, as compared to a net loss of ($5.5) million, or ($0.22) per diluted share, for the six months ended June 30, 2023. Non-GAAP Adjusted Net Loss from continuing operations: Non-GAAP Adjusted Net Loss from continuing operations, a non-GAAP financial measure as defined below, for the six months ended June 30, 2024 was ($2.8) million, or ($0.11) per diluted share, as compared to a Non-GAAP Adjusted Net Loss of ($5.3) million, or ($0.21) per diluted share, for the six months ended June 30, 2023. Please refer to the section entitled Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss results for the six-month periods ended June 30, 2024 and 2023, respectively. Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP financial measure as defined below, for the six months ended June 30, 2024 was a loss of ($2.3) million compared to a loss of $(4.6) million in the six months ended June 30, 2023. Please refer to the section entitled Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results for the six-month periods ended June 30, 2024 and 2023, respectively. Cash and cash equivalents:¯ Cash and cash equivalents were $20.4 million as of June 30, 2024. iCAD believes it has sufficient cash resources to fund its planned operations with no need to raise additional funding. Conference Call: The company will host a conference call at 4:30 PM Eastern Time on Tuesday, August 13, 2024. Use of Non-GAAP Financial Measures In its quarterly news releases, conference calls, slide presentations or webcasts, the Company may use or discuss non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measures most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. When analyzing the Company's operating performance, investors should not consider these non-GAAP measures as a substitute for the comparable financial measures prepared in accordance with GAAP. The Company's quarterly news releases containing such non-GAAP reconciliations can be found on the Investors section of the Company's website at www.icadmed.com About iCAD, Inc. iCAD, Inc. (NASDAQ: ICAD) is a global leader on a mission to create a world where cancer can't hide by providing clinically proven AI-powered solutions that enable medical providers to accurately and reliably detect cancer earlier and improve patient outcomes. Headquartered in Nashua, N.H., iCAD's industry-leading ProFound Breast Health Suite provides AI-powered mammography analysis for breast cancer detection, density assessment and risk evaluation. Used by thousands of providers serving millions of patients, ProFound is available in over 50 countries. In the last five years alone, iCAD estimates reading more than 40 million mammograms worldwide, with nearly 30% being tomosynthesis. For more information, including the latest in regulatory clearances, please visit www.icadmed.com. Forward-Looking Statements Certain statements contained in this News Release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the expansion of access to the Company's products, improvement of performance, acceleration of adoption, expected benefits of ProFound AI ®, the benefits of the Company's products, and future prospects for the Company's technology platforms and products. Such forward-looking statements involve a number of known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited, to the Company's ability to achieve business and strategic objectives, the willingness of patients to undergo mammography screening, whether mammography screening will be treated as an essential procedure, whether ProFound AI will improve reading efficiency, improve specificity and sensitivity, reduce false positives and otherwise prove to be more beneficial for patients and clinicians, the impact of supply and manufacturing constraints or difficulties on our ability to fulfill our orders, uncertainty of future sales levels, to defend itself in litigation matters, protection of patents and other proprietary rights, product market acceptance, possible technological obsolescence of products, increased competition, government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; and other risks detailed in the Company's filings with the Securities and Exchange Commission. The words believe, demonstrate, intend, expect, estimate, will, continue, anticipate, likely, seek, and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC's website at http://www.sec.gov. CONTACTS Media inquiries: pr@icadmed.com Investor Inquiries: John Nesbett/Rosalyn Christian IMS Investor Relations icad@imsinvestorrelations.com Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures and Definitions of Metrics The Company reports its financial results in accordance with United States generally accepted accounting principles, or GAAP. However, management believes that in order to understand the Company's short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and/or impact on continuing operations. Management also uses results of operations before such items to evaluate the operating performance of the Company and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in the Company's ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of the Company's ongoing business with prior periods more difficult, obscure trends in ongoing operations or reduce management's ability to make useful forecasts. Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing the Company's financial and operational performance and comparing this performance to its peers and competitors. Management defines Non-GAAP Adjusted EBITDA as the sum of GAAP Net Loss before provisions for interest expense, other income, stock-based compensation expense, depreciation and amortization, tax expense, severance, gain on sale of assets, loss on disposal of assets, acquisition and litigation related expenses. Management considers this non-GAAP financial measure to be an indicator of the Company's operational strength and performance of its business and a good measure of its historical operating trends, in particular the extent to which ongoing operations impact the Company's overall financial performance. The non-GAAP financial measures do not replace the presentation of the Company's GAAP financial results and should only be used as a supplement to, not as a substitute for, the Company's financial results presented in accordance with GAAP. The Company has provided a reconciliation of each non-GAAP financial measure used in its financial reporting and investor presentations to the most directly comparable GAAP financial measure. Management excludes each of the items identified below from the applicable non-GAAP financial measure referenced above for the reasons set forth with respect to that excluded item: On occasion in the future, there may be other items, such as loss on extinguishment of debt, significant asset impairments, restructuring charges or significant gains or losses from contingencies that the Company may exclude if it believes that doing so is consistent with the goal of providing useful information to investors and management. Definitions of Metrics Starting in the third quarter of 2023, the Company began reporting Annual Recurring Revenue (ARR) with each quarterly earnings announcement. The Company's management believes this is a useful metric for purposes of assessing progress in transitioning to a subscription-based business model. ARR should be viewed independently of revenue and does not represent our revenue under U.S. GAAP on an annualized basis, as it is an operating metric that can be impacted by contract start dates, end dates, cancellations, and renewal rates. Subscription ARR is not intended to be a replacement for forecasts of revenue. The following are the variations of ARR the Company presents or intends to present:

SKYX Reports Record Second Quarter Sales of $21.4 Million Compared to $15.0 Million for Second Quarter 2023 as it Continues to Grow its Market Penetration in the U.S and Canada of its Advanced and Smart Platform Products - SKYX Platforms (NASDAQ:SKYX)

MIAMI, Aug. 12, 2024 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. SKYX (d/b/a SKYX Technologies) (the "Company" or "SKYX"), a highly disruptive platform technology company with over 97 pending and issued patents globally and over 60 lighting and home décor websites, with a mission to make homes and buildings become safe and smart as the new standard, today reported its financial and operational results for the second quarter ended June 30, 2024. Second Quarter 2024 and Recent Achievements Generated record second quarter revenues of $21.4 million compared to $15.0 million for the second quarter of 2023, including sales of its advanced and smart platform plug and play products.Reported $15.6 million in cash, cash equivalents, and restricted cash, as of June 30, 2024, as compared to $19.8 million as of March 31, 2024. As common with companies such as ours when sales are converted into cash rapidly, often referred to as the "Dell Working Capital Model", the Company leverages its trades payable to finance its operations, to enhance its cash position and to lower its cost of capital.SKYX's collaboration with Home Depot, a world leading home improvement retailer, was announced for its advanced and smart plug & play products. SKYX will offer a variety of its Advanced and Smart Plug & Play Products including Retrofit Kits, Smart Light Fixtures, Smart Ceiling Fans, Ceiling Outlet Receptacles, and Recessed Lights among others. A large assortment of these advanced and smart products is expected to be offered on Home Depot's website in the next coming months, while some advanced and smart plug & play retrofit products are expected to arrive in a variety of stores and online to be offered as a fixture upgrade. Management believes that the collaboration with Home Depot can be significant for SKYX's growth to both retail and professional markets.The Company continues to grow its market penetration of its advanced and smart plug & play products as its products are in nearly 10,000 U.S. and Canadian homes and are expected to be in tens of thousands of homes in 2025.SKYX continues to utilize its e-commerce platform of over 60 websites for lighting and home décor to educate and enhance its market penetration to both retail and professional segments.SKYX and General Electric / GE Licensing are making progress with initiatives related to the recently signed 5-year licensing partnership agreement for the U.S. and global markets. SKYX and GE's goal is to make SKYX's game-changing ceiling outlet/receptacle the standard for homes and buildings by licensing it and its related products including SKYX's advanced and smart home platform technologies to various industries including tech, smart home, AI, lighting, ceiling fans and electrical.Company started production of its new global patented advanced, smart, plug & play recessed light. The global recessed light market is a multi-billion-unit market. SKYX's new Plug & Play recessed light global patents include the U.S., China, Canada, Hong-Kong and Mexico. As billions of recessed lights are installed globally with hazardous electrical wires, SKYX's recessed light solution enables an advanced, simple Plug & Play installation that saves time, cost and lives. SKYX's Plug & Play recessed lights can be controlled through SKYX's App, Voice Control and Phone and works with Apple's Siri, Amazon Alexa, Google Home and Samsung.Collaboration with a world-leading Chinese Lighting supplier and manufacturer Ruee Appliances. The collaboration with Ruee includes SKYX's advanced and smart products to both professional and retail markets and provides SKYX substantial backing in several areas including financial, mass production manufacturing capabilities, and distribution to global markets, including China and Europe. The collaboration is expected to substantially enhance gross margins on SKYX's product sales and favorably impact its cash conversion cycle.New Global Smart Home and AI Related Patents. SKYX's new and existing patents, including the new global patented advanced, smart, plug & play recessed light, enable and enhance performance of smart home and AI sensors in addition to home safety sensors bringing the Company's intellectual property portfolio to a total of over 97 issued and pending patents, 36 of which are issued patents covering SKYX's advanced plug and play and smart home platform technologies for the smart home, AI, electrical, and lighting industries in the U.S. and internationally including China, Europe, Mexico and 2 patents in India. This also includes the recent issuance of 6 additional patents in the U.S. and internationally, in China, India, Europe, Canada, and Mexico for its advanced smart Plug & Play Ceiling Fan & Heater. The 6 additional patent issuances cover SKYX's advanced plug-and-play smart ceiling fan and heater, enabling an all-in-one all-season product providing cool air for summertime and hot air for wintertime.Announced a collaboration with world-leading lighting company Kichler, to include SKYX's advanced smart and standard products online, for retail, and professional channels.Announced a collaboration with Quoizel, a premier U.S. lighting manufacturer for nearly 100 years, to integrate SKYX's advanced smart and standard products for online, retail, and professional channels.The Company entered into an agreement to supply approximately 1,000 homes with its advanced smart home platform technologies and is expected to deliver approximately 30,000 units representing a variety of its advanced and smart platform technology products to the developer's upcoming projects.SKYX won 7 CES (Consumer Electronics Show) Awards including most recently two awards for its All-In-One Smart Home Platform.Announced a collaboration with Golden Lighting, a leading provider of elegant lighting solutions in the U.S., which will feature SKYX advanced smart and standard products for online, retail, and professional channels. Safety Standardization Highlights The Company filed for a mandatory safety standardization with the National Electrical Code (NEC) for its ceiling outlet receptacle for ceilings in homes and buildings in 2023. Management believes that after over 12 years of its standardization process, including its product specification approval voting for by ANSI / NEMA (American National Standardization Institute / National Electrical Manufacturing Association), it has met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings. In the past 12 years, the Company's product was voted into 10 segments in the NEC Code Book. Voting decisions are at the discretion of the NEC voting members. The Company's code team is led by Mark Earley - former head of the National Electrical Code (NEC) and former Chief Electrical Engineer of the National Fire Protection Association (NFPA) - as well as Eric Jacobson, former President and CEO of The American Lighting Association (ALA). Mr. Earley and Mr. Jacobson were instrumental in numerous code and safety changes in both the electrical and lighting industries. Second Quarter 2024 Financial Results Revenue in the second quarter of 2024 increased to a record $21.4 million, including E-commerce sales as well as smart and standard plug and play products, as compared to $15.0 million in the second quarter of 2023. Reported $15.6 million in cash, cash equivalents, and restricted cash, as of June 30, 2024, as compared to $19.8 million as of March 31, 2024. As common with companies such as ours when their sales are converted into cash rapidly, often referred to as the "Dell Working Capital Model", we leverage our trades payable to finance our operations to enhance our cash position and lower our cost of capital. We had a $2.5 million reduction in net cash loss before interest, taxes, depreciation, and amortization, as adjusted for share-based payments ("adjusted EBITDA"), a non-GAAP measure, to $2.1 million, in the second quarter of 2024, as compared to $4.6 million, in the first quarter of 2024. Adjusted EBITDA loss, a non-GAAP measure, amounted to $2.1 million, in addition to a non-cash basis loss of $5.4 million, amounted to a net loss of $7.5 million, or $(0.08) per share, in the second quarter of 2024, as compared to a net cash loss of $2.7 million, in addition to a non-cash basis loss of $9.6 million, amounted to a net loss of $12.3 million, or $(0.14) per share, in the second quarter of 2023. The Company's financial statements for the quarter ended June 30, 2024, will be filed with the SEC and are available on the Company's investor relations website. https://ir.skyplug.com/sec-filings/. Management Commentary The second quarter of 2024 was highlighted by our continued market penetration and positioning that includes our announced collaboration with Home Depot which we believe can be significant for our growth to both retail and professional markets. Additionally, the Ruee Appliances collaboration will assist us with product variety, gross margins, future distribution channels, and sales and marketing programs with key stakeholders in such channels. We believe we have accelerated our cadence of sales, notably managing our cash burn, while our e-commerce platform with over 60 websites is providing additional cash flow to the Company, which, when combined with our existing cash, enhances our cash position to continue executing our business plan. We believe we will be cash flow positive during 2025. We are encouraged by our path to the builder/commercial segments, large online and brick-and-mortar retail partners as well as our future potential to realize incremental licensing, subscription, and AI/data aggregation revenues. Furthermore, our e-commerce website platform with 60 websites enhances the acceleration of marketing, distribution channels, collaborations, and sales to both professional and retail segments. Our websites include banners, videos, and educational materials regarding the simplicity, cost savings, timesaving, and lifesaving aspects of the Company's patented technologies. About SKYX Platforms Corp. As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com or follow us on LinkedIn. Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as "aim," "anticipate," "believe," "can," "could," "continue," "estimate," "expect," "evaluate," "forecast," "guidance," "intend," "likely," "may," "might," "objective," "ongoing," "outlook," "plan," "potential," "predict," "probable," "project," "seek," "should," "target" "view," "will," or "would," or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company's reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company's ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company's efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company's ability to capture market share; the Company's estimates of its potential addressable market and demand for its products and technologies; the Company's ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company's ability to continue as a going concern; the Company's ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company's products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company's current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company's ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company's actual operating results; the potential impact of unstable market and economic conditions on the Company's business, financial condition, and stock price; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws. Non-GAAP Financial Measures Management considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating the Company's business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not part of the Company's core operations, such as interest expense and amortization expense associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in the Company's financial statements and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure. Investors should not rely on any single financial measure to evaluate the Company's business. Investor Relations Contact: Jeff Ramson PCG Advisory jramson@pcgadvisory.com Market News and Data brought to you by Benzinga APIs

Acrivon Therapeutics Reports Second Quarter 2024 Financial Results and Business Highlights - Acrivon Therapeutics (NASDAQ:ACRV)

WATERTOWN, Mass., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Acrivon Therapeutics, Inc. ("Acrivon" or "Acrivon Therapeutics") ACRV, a clinical stage precision medicine company utilizing its Acrivon Precision Predictive Proteomics (AP3) platform for the discovery, design, and development of drug candidates through a mechanistic match to patients whose disease is predicted sensitive to the specific treatment, today reported financial results for the second quarter ended June 30, 2024 and reviewed business highlights. "We continue to make significant progress on our mission to deliver on the unique and actionable capabilities of our AP3 platform by rapidly advancing a pipeline of differentiated therapies that address high unmet need cancers," said Peter Blume-Jensen, M.D., Ph.D., chief executive officer, president, and founder of Acrivon. "We are planning to hold a webcast in September 2024 during the upcoming ESMO conference to update broadly on both clinical lead and pipeline programs as well as on our AP3 platform progress. For our lead asset ACR-368, we expect to share additional clinical data from our ongoing registrational-intent Phase 2b trial at ESMO, building on the initial positive clinical data that we reported in April of this year which showed an overall response rate of 50% in patients with gynecological cancers prospectively predicted sensitive to ACR-368 with our ACR-368 OncoSignature test. We also remain on track to initiate a Phase 1 clinical study with ACR-2316, our potent, selective WEE1/PKMYT1 inhibitor. ACR-2316 has been rationally designed, uniquely enabled by our AP3 platform, for superior single agent activity through robust activation of CDK1, CDK2, and PLK1, resulting in potent, apoptotic tumor cell death as demonstrated in our preclinical studies. Our AP3 platform, which leverages internally generated data and generative AI to deliver unique insights, is broadly applicable across disease areas and modalities and is already being applied to a new cell cycle program with an undisclosed target." Recent Highlights Presented data from the ongoing, registrational-intent, multicenter Phase 2 trial of ACR-368 in patients with locally advanced or metastatic, recurrent platinum-resistant ovarian cancer or endometrial adenocarcinoma (n=26; 10 OncoSignature-positive and 16 OncoSignature-negative; data as of April 1, 2024) Reported a confirmed overall response rate (ORR), per RECIST 1.1, of 50% observed in the prospective cohort of OncoSignature-positive patients with gynecological cancer who were efficacy evaluable, including 60% ORR in endometrial cancer, a new tumor type predicted to be sensitive to ACR-368 by AP3-enabled indication screeningDemonstrated the ability of the AP3-based ACR-368 OncoSignature assay to prospectively predict ovarian and endometrial patients sensitive to ACR-368 monotherapy based on initial data that showed a clear segregation of RECIST responders in the OncoSignature-positive versus OncoSignature-negative arms (p-value = 0.0038)In the OncoSignature-negative arm, initial clinical activity was observed in response to ACR-368 combined with ultra-low dose gemcitabine (ULDG), with 8 out of 16 patients achieving stable disease. ULDG was identified through AP3 profiling as a way to sensitize resistant ovarian cancer cells to ACR-368. Discovered ACR-2316 using biological structure-activity relationship (SAR) enabled by AP3 to overcome the limitations of single-target WEE1 and PKMYT1 inhibitors ACR-2316 was designed by AP3 to have optimal properties including strong WEE1 inhibition and balanced PKMYT1 inhibition to elicit potent activation of CDK1, CDK2 and PLK1, resulting in powerful pro-apoptotic mitotic catastrophe and tumor cell deathThe Phase 1 clinical study of ACR-2316 is on track to be initiated in 4Q 2024 Executed an oversubscribed $130 million private placement financing at a premium, with support from high caliber new and key existing investors Anticipated Upcoming Milestones Provide pipeline (ACR-368 and ACR-2316), AP3 platform, and corporate updates in 2H 2024, including updated ACR-368 clinical data at the upcoming ESMO conference, where the company will present on September 14, 2024 in the Gynecological Cancers poster session (presentation number P744). The poster will be accessible on our website the same day. The company plans on hosting a live webcast during ESMO to discuss and review the clinical data and provide other pipeline and platform updates.Initiate a Phase 1 clinical study of ACR-2316 in 4Q 2024 enriched for tumor types predicted to be sensitive to monotherapy through AP3-based indication findingAdvance a new potential first-in-class drug discovery program for an undisclosed target towards development candidate nomination in 2025 Second Quarter 2024 Financial Results Net loss for the quarter ended June 30, 2024 was $18.8 million compared to a net loss of $13.9 million for the same period in 2023. Research and development expenses were $15.0 million for the quarter ended June 30, 2024 compared to $10.5 million for the same period in 2023. The difference was primarily due to the continued development of ACR-368, inclusive of progression of the ongoing clinical trial and achieved Akoya milestones, as well as increased personnel costs to support these development activities. General and administrative expenses were $6.4 million for the quarter ended June 30, 2024 compared to $5.0 million for the same period in 2023. The difference was primarily due to increased personnel costs, inclusive of non-cash stock compensation expense. As of June 30, 2024, the company had cash, cash equivalents and marketable securities of $220.4 million, which is expected to fund our operating expenses and capital expenditure requirements into the second half of 2026. About Acrivon Therapeutics Acrivon is a clinical stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing Acrivon's proprietary proteomics-based patient responder identification platform, Acrivon Predictive Precision Proteomics, or AP3. The AP3 platform is engineered to measure compound-specific effects on the entire tumor cell protein signaling network and drug-induced resistance mechanisms in an unbiased manner. These distinctive capabilities enable AP3's direct application for drug design optimization for monotherapy activity, the identification of rational drug combinations, and the creation of drug-specific proprietary OncoSignature companion diagnostics that are used to identify the patients most likely to benefit from Acrivon's drug candidates. Acrivon is currently advancing its lead candidate, ACR-368 (also known as prexasertib), a selective small molecule inhibitor targeting CHK1 and CHK2 in a potentially registrational Phase 2 trial across multiple tumor types. The company has received Fast Track designation from the Food and Drug Administration, or FDA, for the investigation of ACR-368 as monotherapy based on OncoSignature-predicted sensitivity in patients with platinum-resistant ovarian or endometrial cancer. Acrivon's ACR-368 OncoSignature test, which has not yet obtained regulatory approval, has been extensively evaluated in preclinical studies, including in two separate, blinded, prospectively-designed studies on pretreatment tumor biopsies collected from past third-party Phase 2 trials in patients treated with ACR-368. The FDA has granted Breakthrough Device designation for the ACR-368 OncoSignature assay for the identification of ovarian cancer patients who may benefit from ACR-368 treatment. In addition to ACR-368, Acrivon is also leveraging its proprietary AP3 precision medicine platform for developing its co-crystallography-driven, internally-discovered preclinical stage pipeline programs. These include ACR-2316, a potent, selective WEE1/PKMYT1 inhibitor designed for superior single-agent activity as demonstrated in preclinical studies against benchmark inhibitors, and a cell cycle program with an undisclosed target. This press release includes certain disclosures that contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, preclinical and clinical results, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. Forward-looking statements are based on Acrivon's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties that are described more fully in the section titled "Risk Factors" in our reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this press release are made as of this date, and Acrivon undertakes no duty to update such information except as required under applicable law. Investor and Media Contacts: Adam D. Levy, Ph.D., M.B.A. alevy@acrivon.com Alexandra Santos asantos@wheelhouselsa.com Acrivon Therapeutics, Inc. Condensed Consolidated Balance Sheets (unaudited, in thousands) Assets June 30, 2024 December 31, 2023Cash and cash equivalents Investments $ 46,006 $ 36,015Other assets 174,426 91,443Total assets 10,153 10,807Liabilities and Stockholders' Equity $ 230,585 $ 138,265Liabilities Stockholders' Equity 14,527 17,070Total Liabilities and Stockholders' Equity 216,058 121,195 $ 230,585 $ 138,265 Acrivon Therapeutics, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited, in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating expenses: Research and development $15,025 $10,521 $26,498 $20,279 General and administrative 6,412 4,999 12,607 9,634 Total operating expenses 21,437 15,520 39,105 29,913 Loss from operations (21,437) (15,520) (39,105) (29,913) Other income (expense), net: Interest income 2,694 1,770 4,140 3,577 Other expense, net (55) (164) (319) (334) Total other income, net 2,639 1,606 3,821 3,243 Net loss $(18,798) $(13,914) $(35,284) $(26,670) Net loss per share - basic and diluted $(0.52) $(0.63) $(1.20) $(1.22) Weighted-average common stock outstanding - basic and diluted 36,132,616 21,971,032 29,361,710 21,945,940 Comprehensive loss: Net loss $(18,798) $(13,914) $(35,284) $(26,670) Other comprehensive income (loss): Unrealized gain (loss) on available-for-sale investments, net of tax 51 (436) 64 (332) Comprehensive loss $(18,747) $(14,350) $(35,220) $(27,002) Market News and Data brought to you by Benzinga APIs

Janover Reports Second Quarter 2024 Financial Results and Provides Business Update - Janover (NASDAQ:JNVR)

With Another Quarter of Sequential Revenue Growth Achieved a Record 20% of Total Revenue from Recurring and Subscription Revenue BOCA RATON, Fla., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Janover Inc. JNVR ("Janover" or the "Company"), an AI-enabled platform for commercial real estate transactions, provided a business update, and announced its financial results for the second quarter ended June 30, 2024. Q2 2024 Financial Highlights 7% sequential increase in revenue for Q2 2024 compared to Q1 2024;20% of revenue from recurring and subscription revenue in Q2 2024;Groundbreaker Platform achieved profitability in Q2 2024, with over 200% quarterly increase in operating margin;Janover Insurance Group achieved profitability in its second month of operation, increasing total recurring revenue by more than 60% in May;$3.2 million in cash and cash equivalents as of June 30, 2024; andNo debt on the balance sheet as of June 30, 2024. Blake Janover, CEO of Janover, stated, "While achieving single digit sequential growth in the second quarter of 2024, we drove an impressive 20% of our total revenue from recurring, high-margin software-as-a-service (SaaS) subscriptions and Insurtech commissions. With the acquisition of Groundbreaker, the recent launch of our insurance business, and our other AI and software products for real estate professionals; we will continue to migrate from transactional to compounding recurring revenue. Our AI technology has continued to drive impressive value within our organization, and we think it has exciting applications as a subscription service as well. Ultimately, we are a platform providing capital, technology and insurance services to multifamily and commercial property owners and professionals and occupy a very unique space in the market. I can confidently say that I have never been more excited about our future and the value we can drive for our customers and shareholders." Financial Results Revenue for the quarter ended June 30, 2024, was approximately $441,000 compared to approximately $602,000 for the quarter ended June 30, 2023. This decrease was primarily due to a reduction in closed loans compared to the same period in 2023. Revenue for the three months ended June 30, 2024, increased sequentially by approximately 7% compared to the three months ended March 31, 2024. Additionally, 20% of our total revenue consisted of recurring revenue. Sales and marketing expenses for the quarter ended June 30, 2024, were approximately $414,000, compared to approximately $315,000 for the quarter ended June 30, 2023. The majority of the increase can be attributed to an increase in compensation and benefits expense during the three months ended June 30, 2024, due to an increase in employees, compared to the same period in 2023. Net loss was approximately $805,000, or $0.07 basic and diluted loss per share, for the quarter ended June 30, 2024, compared to net loss of approximately $398,000, or $0.06 basic and diluted loss per share, for the quarter ended June 30, 2023. Adjusted EBITDA loss was approximately $697,000, or $0.06 basic and diluted loss per share, for the quarter ended June 30, 2024, compared to adjusted EBITDA loss of approximately $143,000, or $0.03 basic and diluted loss per share, for the quarter ended June 30, 2023. Adjusted EBITDA and adjusted EBITDA per share are non-GAAP financial measures (defined below). About Janover Inc. Janover is an AI-enabled platform for commercial real estate transactions. The Company seeks to revolutionize the commercial real estate lending market by making it hyper-efficient, transparent, and accessible to all rather than the few. Through the Company's online platform, it provides technology that connects commercial mortgage borrowers looking for capital to refinance, build, or purchase commercial property, including, but not limited to, apartment buildings, to commercial property lenders. Borrowers include, but are not limited to, owners, operators, and developers of commercial real estate including multifamily properties and most recently, a growing segment of small business owners, which Janover believes represents a significant growth opportunity. Lenders include small banks, credit unions, REITs, Fannie Mae® and Freddie Mac® multifamily lenders, FHA® multifamily lenders, debt funds, CMBS lenders, SBA lenders, and more. Additional information about the Company is available at: https://janover.co/. To view the latest investor presentation, please visit https://ir.janover.co/. This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," strategy," "future," "likely," "may,", "should," "will" and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) the effect of and uncertainties related the ongoing volatility in interest rates; (ii) our ability to achieve and maintain profitability in the future; (iii) the impact on our business of the regulatory environment and complexities with compliance related to such environment; (iv) our ability to respond to general economic conditions; (v) our ability to manage our growth effectively and our expectations regarding the development and expansion of our business; (vi) our ability to access sources of capital, including debt financing and other sources of capital to finance operations and growth and other risks and uncertainties more fully in the section captioned "Risk Factors" in the Company's Offering Statement on Form 1-A related to the public offering (SEC File No. 024-12458) and other reports we file with the SEC. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law. Crescendo Communications, LLC Tel: 212-671-1020 Email: jnvr@crescendo-ir.com (Tables follow) JANOVER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $3,236,660 $5,075,609 Accounts receivable 111,179 86,138 Prepaid expenses 71,610 130,430 Total current assets 3,419,449 5,292,177 Property and equipment, net 38,173 28,137 Intangible assets, net 556,433 675,957 Goodwill 606,666 606,666 Other assets 95,630 18,107 Right of use asset 38,269 62,781 Total assets $4,754,620 $6,683,825 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $187,039 $539,136 Deferred revenue 86,617 83,228 Right of use liability, current portion 41,181 52,731 Total current liabilities 314,837 675,095 Contingent consideration 178,819 178,819 Right of use of liability - 13,933 Total liabilities 493,656 867,847 Stockholders' equity: Series A Preferred stock, $0.00001 par value, 100,000 shares authorized, 10,000 shares issued and outstanding as of both June 30, 2024 and December 31, 2023 - - Series B Preferred stock, $0.00001 par value, 1,000 shares authorized, 0 shares issued and outstanding as of both June 30, 2024 and December 31, 2023 - - Common stock, $0.00001 par value, 100,000,000 shares authorized, 11,064,576 and 11,046,981 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 110 110 Additional paid-in capital 12,673,785 12,459,343 Accumulated deficit (8,412,931) (6,643,475)Total stockholders' equity 4,260,964 5,815,978 Total liabilities and stockholders' equity $4,754,620 $6,683,825 JANOVER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $440,973 $601,940 $852,110 $1,069,180 Cost of revenues 8,034 - 16,667 - Gross profit 432,939 601,940 835,443 1,069,180 Operating expenses: Sales and marketing 413,629 315,445 829,255 609,190 Research and development 154,006 90,419 327,390 195,619 General and administrative 667,375 442,490 1,426,136 784,805 Depreciation and amortization 49,680 - 122,665 - Total operating expenses 1,284,690 848,354 2,705,446 1,589,614 Loss from operations (851,751) (246,414) (1,870,003) (520,434) Other income (expense): Change in fair value of future equity obligations - (165,536) - (119,826)Interest income 43,853 12,833 94,932 19,528 Other income 2,493 1,266 5,615 2,695 Total other income (expense) 46,346 (151,437) 100,547 (97,603) Net loss $(805,405) $(397,851) $(1,769,456) $(618,037) Weighted average common shares outstanding - basic and diluted 11,064,576 7,064,008 11,063,215 7,064,008 Net loss per common share - basic and diluted $(0.07) $(0.06) $(0.16) $(0.09) JANOVER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2024 2023 Cash flows from operating activities: Net loss $(1,769,456) $(618,037)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 122,665 - Stock-based compensation 213,210 203,032 Change in fair value of future equity obligations - 119,826 Changes in operating assets and liabilities: Accounts receivable (25,041) (60,956)Prepaid expenses 58,820 - Other assets (77,523) - Accounts payable and accrued expenses (352,097) 33,215 Deferred revenue 3,389 973 Right of use of liability, net (972) - Net cash used in operating activities (1,827,005) (321,947)Cash flows from investing activities: Purchase of property and equipment (13,176) - Net cash used in investing activities (13,176) - Cash flows from financing activities: Exercise of stock options 1,232 - Issuance of preferred stock - 1,000,000 Deferred offering costs - (77,633)Net cash provided by financing activities 1,232 922,367 Net change in cash and cash equivalents (1,838,949) 600,420 Cash and cash equivalents at beginning of period 5,075,609 981,125 Cash and cash equivalents at end of period $3,236,660 $1,581,545 RECONCILIATION OF NON-GAAP MEASURES JANOVER INC. (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Consolidated Reconciliation of GAAP Net Loss to Adjusted EBITDA: Net loss $(805,405) $(397,851) $(1,769,456) $(618,037) Add (subtract): Stock-based compensation 105,055 103,876 213,210 203,032 Depreciation and amortization 49,680 - 122,665 - Other income (expense) 46,346 (151,437) 100,547 (97,603) Adjusted EBITDA $(697,016) $(142,538) $(1,534,128) $(317,402) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Consolidated Reconciliation of GAAP Net Loss per share to Adjusted EBITDA per share: Net loss per share - basic and diluted $(0.07) $(0.06) $(0.16) $(0.09) Add (subtract): Stock-based compensation 0.01 0.01 0.02 0.03 Depreciation and amortization - - 0.01 - Other income (expense) - (0.02) 0.01 (0.01) Adjusted EBITDA per share $(0.06) $(0.03) $(0.13) $(0.05) Non-GAAP Financial Measures To provide investors and the market with additional information regarding our financial results, we have disclosed adjusted EBITDA and adjusted EBITDA per share, non-GAAP financial measures that we calculate as net loss excluding; stock-based compensation expense; depreciation and amortization; and other income. We have provided reconciliations of adjusted EBITDA to net loss and adjusted EBITDA per share to earnings per share, the most directly comparable GAAP financial measures. We have included adjusted EBITDA and adjusted EBITDA per share, herein, because they are key measures used by our management and Board of Directors to evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses. Accordingly, we believe that adjusted EBITDA and adjusted EBITDA per share provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Market News and Data brought to you by Benzinga APIs

SKYX Reports Record Second Quarter Sales of $21.4 Million Compared to $15.0 Million for Second Quarter 2023 as it Continues to Grow its Market Penetration in the U.S and Canada of its Advanced and Sma By Investing.com

MIAMI, Aug. 12, 2024 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the Company or SKYX), a highly disruptive platform technology company with over 97 pending and issued patents globally and over 60 lighting and home décor websites, with a mission to make homes and buildings become safe and smart as the new standard, today reported its financial and operational results for the second quarter ended June 30, 2024. The Company filed for a mandatory safety standardization with the National Electrical Code (NEC) for its ceiling outlet receptacle for ceilings in homes and buildings in 2023. Management believes that after over 12 years of its standardization process, including its product specification approval voting for by ANSI / NEMA (American National Standardization Institute / National Electrical Manufacturing Association), it has met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings. In the past 12 years, the Company's product was voted into 10 segments in the NEC Code Book. Voting decisions are at the discretion of the NEC voting members. The Company's code team is led by Mark Earley " former head of the National Electrical Code (NEC) and former Chief Electrical Engineer of the National Fire Protection Association (NFPA) " as well as Eric Jacobson, former President and CEO of The American Lighting Association (ALA). Mr. Earley and Mr. Jacobson were instrumental in numerous code and safety changes in both the electrical and lighting industries. Second Quarter 2024 Financial Results Revenue in the second quarter of 2024 increased to a record $21.4 million, including E-commerce sales as well as smart and standard plug and play products, as compared to $15.0 million in the second quarter of 2023. Reported $15.6 million in cash, cash equivalents, and restricted cash, as of June 30, 2024, as compared to $19.8 million as of March 31, 2024. As common with companies such as ours when their sales are converted into cash rapidly, often referred to as the Dell Working Capital Model, we leverage our trades payable to finance our operations to enhance our cash position and lower our cost of capital. We had a $2.5 million reduction in net cash loss before interest, taxes, depreciation, and amortization, as adjusted for share-based payments (adjusted EBITDA), a non-GAAP measure, to $2.1 million, in the second quarter of 2024, as compared to $4.6 million, in the first quarter of 2024. Adjusted EBITDA loss, a non-GAAP measure, amounted to $2.1 million, in addition to a non-cash basis loss of $5.4 million, amounted to a net loss of $7.5 million, or $(0.08) per share, in the second quarter of 2024, as compared to a net cash loss of $2.7 million, in addition to a non-cash basis loss of $9.6 million, amounted to a net loss of $12.3 million, or $(0.14) per share, in the second quarter of 2023. The Company's financial statements for the quarter ended June 30, 2024, will be filed with the SEC and are available on the Company's investor relations website. https://ir.skyplug.com/sec-filings/. Management Commentary The second quarter of 2024 was highlighted by our continued market penetration and positioning that includes our announced collaboration with Home Depot which we believe can be significant for our growth to both retail and professional markets. Additionally, the Ruee Appliances collaboration will assist us with product variety, gross margins, future distribution channels, and sales and marketing programs with key stakeholders in such channels. We believe we have accelerated our cadence of sales, notably managing our cash burn, while our e-commerce platform with over 60 websites is providing additional cash flow to the Company, which, when combined with our existing cash, enhances our cash position to continue executing our business plan. We believe we will be cash flow positive during 2025. We are encouraged by our path to the builder/commercial segments, large online and brick-and-mortar retail partners as well as our future potential to realize incremental licensing, subscription, and AI/data aggregation revenues. Furthermore, our e-commerce website platform with 60 websites enhances the acceleration of marketing, distribution channels, collaborations, and sales to both professional and retail segments. Our websites include banners, videos, and educational materials regarding the simplicity, cost savings, timesaving, and lifesaving aspects of the Company's patented technologies. About SKYX Platforms Corp. As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com or follow us on LinkedIn. Forward-Looking Statements Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as aim, anticipate, believe, can, could, continue, estimate, expect, evaluate, forecast, guidance, intend, likely, may, might, objective, ongoing, outlook, plan, potential, predict, probable, project, seek, should, target view, will, or would, or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company's reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company's ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company's efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company's ability to capture market share; the Company's estimates of its potential addressable market and demand for its products and technologies; the Company's ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company's ability to continue as a going concern; the Company's ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company's products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company's current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company's ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company's actual operating results; the potential impact of unstable market and economic conditions on the Company's business, financial condition, and stock price; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws. Non-GAAP Financial Measures Management considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating the Company's business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not part of the Company's core operations, such as interest expense and amortization expense associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in the Company's financial statements and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure. Investors should not rely on any single financial measure to evaluate the Company's business.

Spectral AI Announces 2024 Second Quarter Financial Results - Spectral AI (NASDAQ:MDAIW), Spectral AI (NASDAQ:MDAI)

Second Quarter Revenue Totals $7.5 Million Total Enrollment Exceeds 85% for Burn Center Pivotal U.S. Clinical Trial Q2 2024 Overview Research & Development Revenue of $7.5 MillionCash Position of $6.9 MillionOn Track to Generate First Commercial Revenues in the U.K. Later this YearBurn Pivotal Study Nearing Completion Paving the Way for U.S. FDA Submission in Early 2025Announced Collaboration with PolyNovo Ltd. Providing Introduction to Australian MarketContinued Progress in Handheld Burn Wound Diagnostic TechnologyAdded to Russell Microcap® Index effective July 1, 2024 DALLAS, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Spectral AI, Inc. MDAI ("Spectral AI" or the "Company"), an artificial intelligence (AI) company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, today announced financial results for the second quarter ended June 30, 2024 ("Q2 2024") and provided an update on its ongoing business activities. "This is one of the most exciting and consequential periods in our history, and I am proud to see the teams advancing our proprietary, AI-driven DeepView™ System for burn indication ("DeepView AI- Burn") along multiple fronts, including clinical, developmental and commercial," said Peter M. Carlson, CEO of Spectral AI. "The upcoming completion of enrollment at burn centers for our U.S. Burn Pivotal Study, continued development of both our cart-based device and the handheld diagnostic tool, and anticipation of our first commercial revenues in the U.K. later this year validate our vison and reinforce our strategic imperatives." CLINCIAL TRIAL UPDATES Patient enrollment for the 2024 U.S. Burn Pivotal Study continues to progress well at burn centers, where total enrollment now exceeds 85%. This pivotal study, which is designed to validate the AI-driven algorithm of DeepView AI-Burn, will be the final clinical trial before the Company seeks regulatory approval in 2025 and is one of the largest burn studies ever conducted in the United States.Building on this momentum, the Company will pursue a De Novo classification from the U.S. Food and Drug Administration ("FDA") for DeepView AI-Burn for use in burn centers and expects to submit the request in the second quarter of 2025. A subsequent 510k application will be made for the use of DeepView AI-Burn in emergency departments after receiving approval for use in burn centers.The Company paused patient enrollment for the U.S. DFU Clinical Validation Study at 475 subjects, having achieved sufficient enrollment for development of a robust DFU data set. Management is assessing the insights of this study while focusing on the burn indication, where the opportunity for near-term market penetration is the greatest. SELECT BUSINESS HIGHLIGHTS Product Deployment and Market Development Deployed a total of five DeepView Burn devices at facilities across the U.K. in connection with the February 2024 receipt of UKCA Authorization. These deployments will increase familiarity of the device in advance of commercialization later this year and provide real-word data that enhances the AI-algorithm.Continued to make progress in the development of DeepView SnapShot® M, a handheld diagnostic tool targeted for use in battlefield burn assessment that is based on the DeepView™ System platform. DeepView SnapShot® M is designed to be an integral part of the triage process by providing a quick and accurate wound assessment so that those with more severe burn injuries can be prioritized for treatment and evacuation. A poster presentation highlighting DeepView SnapShot® M is scheduled for the 2024 Military Health System Research Symposium (MHSRS) being held August 26-29, 2024.Signed a Memorandum of Understanding with PolyNovo Limited to support the Company's application to the Australian Special Access Scheme to allow for the deployment of two DeepView Burn systems at the Royal Adelaide Hospital and The Alfred Hospital in Melbourne. Corporate Received the final $2.5 million principal advance under its existing standby equity purchase agreement.Added to the Russell Microcap® Index effective July 1, 2024.Continued to strengthen and protect its proprietary DeepView™ System wound assessment platform via a 30% increase in the Company's patent portfolio to 26 granted patents from 20. The Company also announced an additional 38 pending patent applications worldwide. Q2 2024 FINANCIAL RESULTS OVERVIEW All comparisons are to the second quarter ended June 30, 2023 ("Q2 2023") unless otherwise stated. Research & Development Revenue 1 Research & Development Revenue for Q2 2024 rose 76% to $7.5 million from $4.3 million, primarily reflecting an increased level of activity under the Company's Project BioShield (PBS) contract with BARDA for the advanced development of the DeepView™ System. Gross Margin Gross margin for Q2 2024 improved to 44.3% from 42.1%, due to a higher reimbursement rate under the BARDA PBS Contract as compared to the rate associated with the now completed BARDA Burn II contract. General & Administrative Expense General & administrative expenses in Q2 2024 rose to $5.8 million, or 77% of revenues, from $4.8 million, or 112% of revenues. Operating Loss Operating loss narrowed to $(2.4) million from $(3.0) million. Net Loss Net loss for Q2 2024 narrowed to $(2.9) million, or $(0.16) per share, as compared to a net loss of $(3.1) million, or $(0.23) per share. Financial Condition As of June 30, 2024, cash was $6.9 million as compared to $4.8 million at December 31, 2023. Cash at June 30, 2024 included $0.9 million in cash in the Company's newly formed wholly-owned subsidiary Spectral IP, Inc. 2024 Guidance The Company reiterates its revenue guidance of approximately $28.0 million for FY 2024. Financial guidance for FY 2024 does not reflect contributions from the sale of the DeepView™ System for burn in the U.K. that is expected to begin in Q4 2024 or any additional material financial contributions that may result from the commercialization of our DeepView™ System. ________________________ 1Research and Development Revenue consisted primarily of funding from the Biomedical Advanced Research and Development Authority (BARDA), part of the Administration for Strategic Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services. CONFERENCE CALL The Company will host a conference call today at 5:00 pm Eastern Time to discuss these results. Investors interested in participating in the live call can dial: 833-630-1956 - U.S.412-317-1837 - International A simultaneous webcast of the call may be accessed online from the Events & Presentations section of the Investor Relations page of the Company's website at https://investors.spectral-ai.com/news-events/events. About Spectral AI Spectral AI, Inc. is a Dallas-based predictive AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns and diabetic foot ulcers. The Company is working to revolutionize the management of wound care by "Seeing the Unknown®" with its DeepView™ System. The DeepView™ System is a predictive device that offers clinicians an objective and immediate assessment of a wound's healing potential prior to treatment or other medical intervention. With algorithm-driven results and a goal to change the current standard of care, the DeepView™ System is expected to provide faster and more accurate treatment insight towards value care by improving patient outcomes and reducing healthcare costs. For more information about the DeepView™ System, visit www.spectral-ai.com. Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company's strategy, plans, objectives, initiatives and financial outlook. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. As such, readers are cautioned not to place undue reliance on any forward-looking statements. Investors should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" sections of the Company's filings with the SEC, including the Registration Statement and the other documents filed by the Company. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Investors: The Equity Group Devin Sullivan Managing Director dsullivan@equityny.com Conor Rodriguez Analyst crodriguez@equityny.com Spectral AI, Inc. Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data) June 30, December 31, 2024 2023 Assets Current assets: Cash $6,877 $4,790 Accounts receivable, net 2,295 2,346 Inventory 267 230 Deferred offering costs - 283 Prepaid expenses 1,249 1,452 Other current assets 973 801 Total current assets 11,661 9,902 Non-current assets: Property and equipment, net 7 12 Right-of-use assets 2,229 778 Total Assets $13,897 $10,692 Commitments and contingencies (Note 8) Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $2,403 $2,683 Accrued expenses 2,733 4,300 Deferred revenue 1,315 2,311 Lease liabilities, short-term 224 853 Notes payable - 436 Notes payable - at fair value 7,001 - Notes payable - related party 1,000 - Warrant liabilities 1,450 1,818 Total current liabilities 16,126 12,401 Lease liabilities, long-term 2,036 - Total Liabilities 18,162 12,401 Stockholders' Deficit Preferred stock ($0.0001 par value); 1,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024 and December 31, 2023 - - Common stock ($0.0001 par value); 80,000,000 shares authorized; 17,606,367 and 16,294,935 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 2 2 Additional paid-in capital 34,580 31,065 Accumulated other comprehensive income 10 12 Accumulated deficit (38,857) (32,788)Total Stockholders' Deficit (4,265) (1,709)Total Liabilities and Stockholders' Deficit $13,897 $10,692 The accompanying notes are an integral part of these condensed consolidated financial statements Spectral AI, Inc. Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development revenue $7,478 $4,251 $13,804 $9,329 Cost of revenue (4,164) (2,460) (7,545) (5,357)Gross profit 3,314 1,791 6,259 3,972 Operating costs and expenses: General and administrative 5,756 4,782 10,844 9,861 Total operating costs and expenses 5,756 4,782 10,844 9,861 Operating loss (2,442) (2,991) (4,585) (5,889) Other income (expense): Net interest (expense) income (6) 42 8 86 Borrowing related costs (699) - (975) - Change in fair value of warrant liability 348 (81) 368 (65)Change in fair value of notes payable (167) - (101) -Foreign exchange transaction (loss) gain, net (9) - (25) 13 Other income (expenses), including transactions costs 180 - (668) (738)Total other expense, net (353) (39) (1,393) (704) Loss before income taxes (2,795) (3,030) (5,978) (6,593)Income tax provision (69) (40) (91) (86)Net loss $(2,864) $(3,070) $(6,069) $(6,679)Net loss per share of common stock Basic and Diluted $(0.16) $(0.23) $(0.36) $(0.51)Weighted average common shares outstanding Basic and Diluted 17,598,357 13,210,320 17,079,328 13,200,515 Other comprehensive income (loss): Foreign currency translation adjustments $- $2 $(2) $3 Total comprehensive loss $(2,864) $(3,068) $(6,071) $(6,676) The accompanying notes are an integral part of these condensed consolidated financial statements Spectral AI, Inc. Unaudited Condensed Consolidated Statements of Cash Flows (in thousands, except share and per share data) Six Months Ended June 30, 2024 2023 Cash flows from operating activities: Net loss $(6,069) $(6,679)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense 5 5 Stock-based compensation 685 696 Amortization of right-of-use assets 320 350 Change in fair value of warrant liabilities (368) 65 Change in fair value of notes payable 101 - Costs from issuance of common stock 372 - Changes in operating assets and liabilities: Accounts receivable 51 774 Inventory (37) - Unbilled revenue - 527 Prepaid expenses 203 (11)Other assets (172) (322)Accounts payable (206) (752)Accrued expenses (1,567) (405)Deferred revenue (996) 509 Lease liabilities (364) (284)Net cash used in operating activities (8,042) (5,527)Cash flows from financing activities: Proceeds from issuance of common stock 2,667 - Proceeds from notes payable 9,200 - Proceeds from notes payable - related party 1,000 - Payments of deferred offering costs - (306)Payments for notes payable (2,736) (175)Stock option exercises - - Net cash provided by (used in) financing activities 10,131 (481)Effect of exchange rate changes on cash (2) - Net increase (decrease) in cash 2,087 (6,008)Cash, beginning of period 4,790 14,174 Cash, end of period $6,877 $8,166 Supplemental cash flow information: Cash paid for interest $- $(3)Cash paid for taxes $- $- Noncash operating and financing activities disclosure: Recognition of Right-of-use assets and related lease liabilities upon lease amendment $1,771 $483 Unpaid deferred offering costs $- $818 Broker receivable for stock option exercises $- $6 Market News and Data brought to you by Benzinga APIs