SenesTech Announces Record Fourth Quarter and Full Year 2024 Financial Results with 70% Quarterly Revenue Growth; Gross Profit Margins of 61%; Reduction in Operating Expenses; and Dramatic Improvement in Adjusted EBITDA
SenesTech (NASDAQ: SNES) reported strong Q4 2024 financial results, with revenue increasing 70% to $501,000 compared to Q4 2023. The company achieved a 60.9% gross profit margin, up from 43.7% in Q4 2023, while reducing operating expenses by 16%. Net loss decreased to $1.3 million from $1.7 million year-over-year.
The company's Evolve™ Rat product line contributed 52% of Q4 2024 revenue, while the newly launched Evolve™ Mouse accounted for 24%. E-commerce sales grew 206%, with successful launches on major platforms including Amazon and Walmart. The company has expanded internationally into 10 countries and secured municipal programs in several U.S. cities.
SenesTech announced new optimization initiatives expected to reduce expenses by $2 million annually, lowering the revenue threshold for cash flow breakeven from $12 million to approximately $7 million. The company's cash position stood at $1.3 million as of December 31, 2024, with an additional $2 million raised in Q1 2025 through ATM facility and warrant exercises.
SenesTech (NASDAQ: SNES) ha riportato risultati finanziari solidi per il Q4 2024, con un aumento del fatturato del 70% a $501.000 rispetto al Q4 2023. L'azienda ha raggiunto un margine di profitto lordo del 60,9%, in aumento rispetto al 43,7% del Q4 2023, riducendo nel contempo le spese operative del 16%. La perdita netta è diminuita a $1,3 milioni rispetto ai $1,7 milioni dell'anno precedente.
La linea di prodotti Evolve™ Rat ha contribuito al 52% del fatturato del Q4 2024, mentre il recentemente lanciato Evolve™ Mouse ha rappresentato il 24%. Le vendite online sono cresciute del 206%, con lanci di successo su piattaforme importanti come Amazon e Walmart. L'azienda si è espansa a livello internazionale in 10 paesi e ha ottenuto programmi municipali in diverse città statunitensi.
SenesTech ha annunciato nuove iniziative di ottimizzazione che si prevede ridurranno le spese di $2 milioni all'anno, abbassando la soglia di fatturato per il pareggio di cassa da $12 milioni a circa $7 milioni. La posizione di liquidità dell'azienda era di $1,3 milioni al 31 dicembre 2024, con ulteriori $2 milioni raccolti nel Q1 2025 attraverso l'uso di strutture ATM e esercizi di warrant.
SenesTech (NASDAQ: SNES) reportó resultados financieros sólidos para el Q4 2024, con un aumento del 70% en los ingresos a $501,000 en comparación con el Q4 2023. La compañía logró un margen de beneficio bruto del 60.9%, en comparación con el 43.7% en el Q4 2023, mientras reducía los gastos operativos en un 16%. La pérdida neta disminuyó a $1.3 millones desde $1.7 millones en el año anterior.
La línea de productos Evolve™ Rat contribuyó con el 52% de los ingresos del Q4 2024, mientras que el recién lanzado Evolve™ Mouse representó el 24%. Las ventas en línea crecieron un 206%, con lanzamientos exitosos en plataformas importantes como Amazon y Walmart. La compañía se ha expandido internacionalmente a 10 países y ha asegurado programas municipales en varias ciudades de EE. UU.
SenesTech anunció nuevas iniciativas de optimización que se espera reduzcan los gastos en $2 millones anuales, bajando el umbral de ingresos para alcanzar el punto de equilibrio de flujo de caja de $12 millones a aproximadamente $7 millones. La posición de efectivo de la compañía era de $1.3 millones al 31 de diciembre de 2024, con $2 millones adicionales recaudados en el Q1 2025 a través de instalaciones de ATM y ejercicios de warrants.
SenesTech (NASDAQ: SNES)는 2024년 4분기 강력한 재무 결과를 보고했으며, 수익이 2023년 4분기 대비 70% 증가한 $501,000에 달했습니다. 회사는 2023년 4분기 43.7%에서 증가한 60.9%의 총 이익률을 달성했으며, 운영 비용을 16% 줄였습니다. 순손실은 전년 대비 $1.7백만에서 $1.3백만으로 감소했습니다.
회사의 Evolve™ Rat 제품 라인은 2024년 4분기 수익의 52%를 차지했으며, 새로 출시된 Evolve™ Mouse는 24%를 차지했습니다. 전자상거래 매출은 206% 증가했으며, Amazon과 Walmart와 같은 주요 플랫폼에서 성공적인 출시를 기록했습니다. 회사는 10개국으로 국제적으로 확장했으며, 여러 미국 도시에서 지방 프로그램을 확보했습니다.
SenesTech는 연간 $2백만의 비용 절감을 기대하는 새로운 최적화 이니셔티브를 발표했으며, 현금 흐름 손익 분기점에 대한 수익 기준을 $12백만에서 약 $7백만으로 낮췄습니다. 2024년 12월 31일 기준으로 회사의 현금 보유액은 $1.3백만이었으며, 2025년 1분기에는 ATM 시설 및 워런트 행사를 통해 추가로 $2백만이 조달되었습니다.
SenesTech (NASDAQ: SNES) a annoncé de solides résultats financiers pour le Q4 2024, avec une augmentation des revenus de 70% à 501 000 $ par rapport au Q4 2023. L'entreprise a atteint une marge brute de 60,9%, en hausse par rapport à 43,7% au Q4 2023, tout en réduisant ses dépenses opérationnelles de 16%. La perte nette a diminué à 1,3 million de dollars contre 1,7 million de dollars l'année précédente.
La ligne de produits Evolve™ Rat a contribué à 52% des revenus du Q4 2024, tandis que le nouvellement lancé Evolve™ Mouse a représenté 24%. Les ventes en ligne ont augmenté de 206%, avec des lancements réussis sur des plateformes majeures telles qu'Amazon et Walmart. L'entreprise s'est étendue à l'international dans 10 pays et a sécurisé des programmes municipaux dans plusieurs villes américaines.
SenesTech a annoncé de nouvelles initiatives d'optimisation qui devraient réduire les dépenses de 2 millions de dollars par an, abaissant le seuil de revenus pour atteindre le seuil de rentabilité de 12 millions de dollars à environ 7 millions de dollars. La position de trésorerie de l'entreprise était de 1,3 million de dollars au 31 décembre 2024, avec 2 millions de dollars supplémentaires levés au Q1 2025 grâce à des installations de guichet automatique et à des exercices de bons de souscription.
SenesTech (NASDAQ: SNES) berichtete über starke Finanzzahlen für das Q4 2024, mit einem Umsatzanstieg von 70% auf $501.000 im Vergleich zum Q4 2023. Das Unternehmen erzielte eine Bruttogewinnmarge von 60,9%, im Vergleich zu 43,7% im Q4 2023, während die Betriebskosten um 16% gesenkt wurden. Der Nettoverlust verringerte sich von $1,7 Millionen auf $1,3 Millionen im Jahresvergleich.
Die Produktlinie Evolve™ Rat trug 52% zum Umsatz im Q4 2024 bei, während die neu eingeführte Evolve™ Mouse 24% ausmachte. Der E-Commerce-Umsatz wuchs um 206%, mit erfolgreichen Markteinführungen auf großen Plattformen wie Amazon und Walmart. Das Unternehmen hat sich international in 10 Ländern ausgeweitet und kommunale Programme in mehreren US-Städten gesichert.
SenesTech kündigte neue Optimierungsinitiativen an, die voraussichtlich die Kosten um $2 Millionen jährlich senken werden, wodurch die Umsatzschwelle für den Cashflow-Break-even von $12 Millionen auf etwa $7 Millionen gesenkt wird. Die Liquiditätsposition des Unternehmens betrug zum 31. Dezember 2024 $1,3 Millionen, mit weiteren $2 Millionen, die im Q1 2025 durch ATM-Einrichtungen und Warrant-Übungen gesammelt wurden.
- Revenue grew 70% to $501,000 in Q4 2024
- Gross profit margin improved significantly to 60.9%
- Operating expenses decreased 16% year-over-year
- E-commerce sales increased 206%
- Net loss reduced from $1.7M to $1.3M
- $2M cost reduction initiative announced
- Breakeven threshold lowered from $12M to $7M annually
- Raised $2M in Q1 2025 through ATM and warrant exercises
- Still operating at a net loss of $1.3M in Q4 2024
- Low cash position of $1.3M as of December 31, 2024
- Continued reliance on ATM facility for funding indicates potential dilution
Insights
SenesTech's Q4 2024 results showcase significant operational improvements that should be viewed favorably by investors focused on the company's path to profitability. The
The company's disciplined approach to cost management is evident in the
While the
The expansion into international markets, municipal programs, and brick-and-mortar retail represents diversified growth vectors that reduce concentration risk. SenesTech's improving unit economics and narrowing losses suggest an inflection point may be approaching if current trajectory is maintained.
SenesTech's financial results reflect a company effectively executing a transformation strategy in the specialized fertility control rodent management market. The confluence of accelerating revenue growth, expanding margins, and declining operational costs creates a compelling narrative for a microcap company approaching an inflection point.
The strategic focus on e-commerce appears particularly astute, with the
Most significant is the company's operational restructuring to lower the profitability threshold to
The capital raised in early 2025 buys important time, but the company's cash management will remain critical. The packaging innovations reducing plastic use by
Company announces new operating optimization initiatives to reduce expenses by approximately
Q4 2024 Highlights
- Revenue increased
70% to$501,000 $295,000 206% . - Gross profit margin percentage improved to
60.9% in Q4 2024 compared to43.7% in Q4 2023. - Operating expenses decreased
16% during Q4 2024 compared to Q4 2023. - Net loss for Q4 2024 was
$1.3 million $1.7 million - Adjusted EBITDA loss, which is a non-GAAP measure of operating performance, for Q4 2024 was
$1.1 million $1.6 million - Our cash on hand was
$1.3 million $1 million $1 million
Updates on Key Growth Initiatives
- Launch of Evolve™ Rat: The Evolve Rat product, formulated especially for the proactive control of rodent fertility and launched during the past year, has quickly become the Company's biggest-selling product line, contributing approximately
52% of Q4 2024 revenue. - Launch of Evolve™ Mouse: The Evolve Mouse product, a fertility solution to proactively control mouse infestations utilizing the same revolutionary breakthrough technology as Evolve Rat, was launched in May 2024 and quickly contributed
24% of Q4 2024 revenue. - Expansion with key online retailers: During the past year, the Company successfully launched Evolve Rat and Evolve Mouse through numerous online retailers, including Amazon.com, Walmart.com, TractorSupply.com and diypestcontrol.com.
- Municipal programs: New York City Council has approved a bill to implement a rat contraception pilot program. The Company received an order in December 2024 for Evolve Rat that will be shipped to
New York for the contraception pilot program in April 2025. Municipal programs have already begun inBaltimore , and in theChicago andBoston areas. - International opportunities: The Company has signed agreements for distribution of Evolve in 10 separate countries and territories. To date, approval and product shipment has occurred for
Hong Kong ,United Arab Emirates ,The Netherlands and TheMaldives . The Company's distributors inAustralia ,New Zealand andIndia are in the final stages. - Brick and mortar retail chain adoption: During 2024, the Company launched Evolve in its first key national home improvement retailer. The Company is working with manufacturer representative agencies, targeting retail, coop, and big box chains to inventory Evolve in their stores.
- Market expansion: The Company has continued to expand into new market opportunities, including the warehousing and distribution sector.
- Enhanced packaging options: The Company has launched new convenient 1.5 pound, 3 pound, and 6 pound pouches, which use
87% less plastic than traditional pails and provide for enhanced gross margins. Additionally, the Company has launched the new Lure bait dispenser to hang in trees, hang along fences, or anchor in gardens.
Operating Optimization Initiatives
SenesTech today is announcing additional operating optimization initiatives designed to enhance efficiencies, streamline costs, and accelerate progress toward cash flow breakeven. These new optimization efforts are expected to further reduce expenses by
Management Discussion
"We concluded a truly transformational year for SenesTech with strong financial results across the board, including quarterly revenues which were up
"We are committed to executing a focused strategy that positions SenesTech for sustainable long-term success. By concentrating on our most impactful growth areas, improving cost efficiency, and streamlining operations, we are taking decisive steps to accelerate our path to profitability. We have a first-mover advantage with a disruptive approach to the multi-billion-dollar rodent control market, which positions us well to transform the rodent control market for years to come," Fruendt concluded.
Use of Non-GAAP Measure
Adjusted EBITDA is a non-GAAP measure. However, this measure is not intended to be a substitute for those financial measures reported in accordance with GAAP. Adjusted EBITDA has been included because management believes that, when considered together with the GAAP figures, it provides meaningful information related to our operating performance and liquidity and can enhance an overall understanding of financial results and trends. Adjusted EBITDA may be calculated by us differently than other companies that disclose measures with the same or similar term. See our attached financials for a reconciliation of this non-GAAP measure to the nearest GAAP measure.
Conference Call Details
Date and Time: Wednesday, March 12, 2025, at 5:00 pm ET
Call-in Information: Interested parties can access the conference call by dialing (844) 308-3351 or (412) 317-5407.
Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available in the Investor Relations section of the Company's website at https://app.webinar.net/qg7b31JV84E or http://senestech.investorroom.com/.
Replay: A teleconference replay of the call will be available for seven days at (877) 344-7529 or (412) 317-0088, replay access code 7759112. A webcast replay will be available in the Investor Relations section of the Company's website at http://senestech.investorroom.com/ for 90 days.
About SenesTech
SenesTech is committed to creating healthier environments by humanely managing animal pest populations through fertility control. The Company's groundbreaking products, including Evolve rodent birth control, integrate seamlessly into pest management programs, significantly enhancing their effectiveness while reducing reliance on traditional poisons. SenesTech's mission is to create cleaner cities, more efficient businesses, and healthier communities with products that are humane, effective, and sustainable.
For more information visit https://senestech.com/.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements include, among others, our expectation that a new case study will be published detailing the success of Evolve in almond orchards, including a finding that by slowly placing the Evolve bait further away from the trees it actually lured the rats away from the crop altogether, highlighting the rat's fondness for the fertility control product; our expectation that our new optimization efforts will further reduce expenses by
Forward-looking statements may describe future expectations, plans, results, or strategies and are often, but not always, made through the use of words such as "believe," "may," "future," "plan," "will," "should," "expect," "anticipate," "eventually," "project," "estimate," "continuing," "intend" and similar words or phrases. You are cautioned that such statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, the successful commercialization of our products; market acceptance of our products; our financial performance, including our ability to fund operations; our ability to maintain compliance with Nasdaq's continued listing requirements; regulatory approval and regulation of our products; and other factors and risks identified from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.
CONTACT:
Investor Relations: Robert Blum, Lytham Partners, LLC, 602-889-9700, senestech@lythampartners.com
Company: Tom Chesterman, Chief Financial Officer, SenesTech, Inc., 928-779-4143
SENESTECH, INC. | |||
As of December 31, | |||
2024 | 2023 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 1,307 | $ 5,395 | |
Accounts receivable, net | 335 | 95 | |
Prepaid expenses and other current assets | 377 | 388 | |
Inventory, net | 794 | 795 | |
Total current assets | 2,813 | 6,673 | |
Right to use assets, operating leases | — | 210 | |
Property and equipment, net | 407 | 388 | |
Other noncurrent assets | 58 | 22 | |
Total assets | $ 3,278 | $ 7,293 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 215 | $ 150 | |
Accrued expenses | 278 | 368 | |
Current portion of operating lease liability | — | 217 | |
Current portion of notes payable | 56 | 33 | |
Deferred revenue | 12 | 18 | |
Total current liabilities | 561 | 786 | |
Notes payable, less current portion | 206 | 156 | |
Total liabilities | 767 | 942 | |
Stockholders' equity: | |||
Common stock | 1 | 1 | |
Additional paid-in capital | 138,607 | 136,263 | |
Accumulated deficit | (136,097) | (129,913) | |
Total stockholders' equity | 2,511 | 6,351 | |
Total liabilities and stockholders' equity | $ 3,278 | $ 7,293 | |
SENESTECH, INC. | |||||||
Three Months Ended | Years Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues, net | $ 501 | $ 295 | $ 1,857 | $ 1,193 | |||
Cost of sales | 196 | 166 | 853 | 654 | |||
Gross profit | 305 | 129 | 1,004 | 539 | |||
Operating expenses: | |||||||
Research and development | 424 | 81 | 1,712 | 1,228 | |||
Selling, general and administrative | 1,138 | 1,784 | 5,541 | 7,043 | |||
Total operating expenses | 1,562 | 1,865 | 7,253 | 8,271 | |||
Loss from operations | (1,257) | (1,736) | (6,249) | (7,732) | |||
Other income (expense): | |||||||
Interest income | 8 | 7 | 56 | 26 | |||
Interest expense | (7) | (4) | (22) | (4) | |||
Miscellaneous income | 1 | — | 31 | — | |||
Other income, net | 2 | 3 | 65 | 22 | |||
Net loss | $ (1,255) | $ (1,733) | $ (6,184) | $ (7,710) | |||
Weighted average shares outstanding — basic and | 1,029,592 | 35,603 | 697,974 | 66,986 | |||
Loss per share — basic and diluted | $ (1.22) | $ (48.68) | $ (8.86) | $ (115.10) | |||
SenesTech Inc. | |||||||
Three Months Ended | Years Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss (as reported, GAAP) | $ (1,255) | $ (1,733) | $ (6,184) | $ (7,710) | |||
Non-GAAP adjustments: | |||||||
Interest income, net | (1) | (3) | (34) | (22) | |||
Stock-based compensation expense | 80 | 88 | 326 | 555 | |||
Severance costs | - | (1) | 13 | 119 | |||
Gain on sale of assets | - | - | (28) | — | |||
Depreciation expense | 41 | 31 | 156 | 135 | |||
Total non-GAAP adjustments | 120 | 115 | 433 | 787 | |||
Adjusted EBITDA loss (non-GAAP) | $ (1,135) | $ (1,618) | $ (5,751) | $ (6,923) | |||
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SOURCE SenesTech, Inc.
FAQ
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