Q2 2024 Senestech Inc Earnings Call Transcript
Key Points
- SenesTech Inc (SNES) reported a record top-line sales growth of 62% year-to-date compared to the same period in 2023.
- The Evolve product line, launched at the beginning of the year, now accounts for 59% of total sales and is approved for sale in 44 states.
- The company has successfully pivoted to a distribution model, targeting larger orders and reducing selling costs.
- SenesTech Inc (SNES) has active agreements in 11 countries, expanding its international market presence.
- Gross margin improved significantly, reaching a record high of 67% in June, indicating better cost management and profitability potential.
- Despite the growth, the company is still not profitable and is working towards achieving cash flow breakeven next year.
- The transition to profitability is heavily reliant on securing large orders from major retailers, which are not guaranteed.
- The company faces challenges in penetrating the retail market due to long buying decision cycles.
- There is a dependency on state approvals for product sales, which can delay market entry.
- The company is negotiating a new facility lease, which could increase operational costs if not managed carefully.
Good afternoon, and welcome to the SenesTech Reports second-quarter fiscal year 2024 results. (Operator Instructions)
Please note this event is being recorded.
I would now like to turn the conference over to Mr. Robert Blum, Lytham Partners. Please go ahead.
All right. Thanks so much, Rachel, and thank you all for joining us today to discuss SenesTech's second-quarter 2024 financial results for the period ending June 30, 2024.
With us on the call today are Mr. Joel Fruendt, the company's Chief Executive Officer; Mr. Tom Chesterman, the company's Chief Financial Officer. At the conclusion of today's prepared remarks, we will open the call for a question-and-answer session. (Event Instructions)
Before we begin with prepared remarks, we submit for the record the following statement. Statements made by the management team of SenesTech during the course of this conference call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933
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