IDenta Corp Reports Blowout First Quarter 2024 Results with Strong Increased in all Categories
IDenta Corp (OTCQB: IDTA), a leader in Field Detection and Home Diagnostic Testing Kits for Narcotics, Explosives, and Forensic Products, reported a substantial improvement in its first quarter of 2024 financial results.
First Quarter 2024 highlights include revenues of $428,346, up from $231,623 in Q1 2023, and a gross profit increase to $354,118 from $179,482 in the same period. Operating profit soared to $176,067 compared to a loss of $45,375 in Q1 2023, while net profit reached $171,010, recovering from a loss of $25,554. Cash and cash equivalents also rose to $336,192 from $264,294 year-over-year.
CEO Amichai Glattstein attributed the success to expanded distribution, customer growth, and optimized production, positioning the company for sustained future growth.
- Revenue increased by 84.87% from $231,623 in Q1 2023 to $428,346 in Q1 2024.
- Gross profit surged by 97.24%, reaching $354,118 in Q1 2024 from $179,482 in Q1 2023.
- Operating profit improved dramatically to $176,067 in Q1 2024 from a loss of $45,375 in Q1 2023.
- Net profit turned positive to $171,010 in Q1 2024, compared to a net loss of $25,554 in Q1 2023.
- Cash and cash equivalents increased by 27.20%, from $264,294 in Q1 2023 to $336,192 in Q1 2024.
- Expansion in distribution and customer base, indicating potential for sustained growth.
- None.
Mr. Amichai Glattstein, Chief Executive Officer, commented: " We continue to distribute our products, expand our customers and optimize our production. The company collaborates with a variety of companies in order to increase activity and sales. Our goal was and will continue to be a better future for the world".
Highlights of the First Quarter of 2024 compared to the First Quarter of 2023:
- Revenues for the first quarter of 2024 were
$428,346 compared to revenues of$231,623 in the first quarter of 2023. - Gross profit increased to
$354,118 $179,482 - Operating profit is
$176,067 $45,375 - Net profit for the first quarter of 2024 was
$171,010 compared to net profit of ($25,554 - Cash and cash equivalents increased to
$336,192 $264,294
About IDenta Corp.
IDenta Corp. is a global leader in the development and supply of Field Detection and Home Diagnostics Testing Kits for Drugs & Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. IDenta develops, manufactures and distributes revolutionary products for both the professional Law and Retail markets which consistently pass the highest qualifications and testing procedures of law enforcement and security agencies around the world.
Safe Harbor Statement
Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements" that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which 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. These forward-looking statements are based on management's expectations as of the date hereof, and the company does not undertake any responsibility to update any of these statements in the future.
Company Contact Information:
Public Relations
Tel: (240) 545-6646
E: pr@identa-corp.com
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SOURCE IDenta Corp.
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