LIFELOC TECHNOLOGIES INC - LCTC STOCK NEWS

Lifeloc Technologies, Inc. (OTC PINK:LCTC), a leader in breath alcohol testing devices, has appointed Adam Kashenberg to its Board of Directors, effective July 23, 2024. Kashenberg, president and CEO of Colorado Biolabs, Inc., brings expertise in sales, social media marketing, finance, and management. He replaces Bob Greenlee, who resigned after serving since 1989.

The company also completed a private placement at $3.80 per share, raising $798,000 from EDCO Partners, LLLP, now owning 77.5% of LCTC's common stock. Additionally, LCTC secured a $750,000 line of credit with Citywide Banks on July 19, 2024.

These funds will support LCTC's ongoing R&D efforts, particularly the development of SpinDx, a saliva testing system for delta-9-THC. Beta testing is expected to begin this year, with a commercial launch targeted for 2025.

Lifeloc Technologies (OTC Pink:LCTC), a global leader in breath alcohol and drug testing devices, reported its financial results for Q1 2024. The company posted a net revenue of $2.153 million, with a net loss of $284,000, or $0.12 per share, compared to a net loss of $54,000, or $0.02 per share, in Q1 2023. Gross margins fell to 38.8% from 43.2% due to increased costs driven by inflation. R&D investments surged by 40%, primarily focused on the SpinDx platform development. Despite financial challenges, the company is optimistic about its new products, including the smartphone-compatible LX9 units and the SpinDx technology for drug detection. SpinDx, which detects various drugs including delta-9-THC, is expected to start beta testing in late 2024, with commercialization projected for 2025.

Lifeloc Technologies (LCTC) reported financial results for the fiscal year 2022, revealing net revenue of $8.482 million but a net loss of $456 thousand, or ($0.19) per diluted share. This contrasts with 2021's revenue of $7.054 million and net profit of $676 thousand, or $0.27 per diluted share. Revenue grew by 20% year-over-year, returning to pre-pandemic levels. Investment in research and development, particularly for SpinDx, alongside supply chain disruptions, contributed to the net loss. The new LX9 and LT7 devices saw a remarkable 360% sales growth in 2022, meeting advanced market standards. The future focus remains on rapid drug detection capabilities.

Lifeloc Technologies (LCTC) reported Q3 2022 financial results, revealing a net revenue of $2.032 million and a net loss of $(87) thousand, or $(0.04) per diluted share, compared to a profit of $523 thousand in Q3 2021. The overall nine-month revenue reached $6.373 million but incurred a loss of $(433) thousand, influenced by increased R&D investments and supply chain disruptions. Despite challenges, the launch of L-series devices is showing strong sales growth, and the company is advancing its SpinDx technology for rapid drug detection.

Lifeloc Technologies, Inc. (LCTC) reported Q2 2022 financial results with a net revenue of $2.180 million, up 26% year-over-year. Despite the revenue growth, the company faced a net loss of $(202) thousand, compared to a loss of $(110) thousand in Q2 2021. For the first six months, revenue totaled $4.341 million, with a net loss of $(346) thousand, impacted by increased R&D spending and supply chain disruptions. Lifeloc's new L-series devices are experiencing strong sales. The company is also focused on developing its SpinDx technology for rapid drug detection.

Lifeloc Technologies, Inc. (OTC: LCTC) reported Q1 2022 results with net revenue of $2.161 million and a net loss of $(145) thousand per diluted share, compared to a profit of $403 thousand in Q1 2021. The revenue increased by 19% due to demand recovery post-COVID and new product adoption. The company is investing in R&D, impacting profitability. Strong sales growth is seen in the new LX9 and LT7 devices. The aim is to commercialize the SpinDx technology for rapid drug testing, with anticipated initial sales within the year.