Q2 2024 TOMI Environmental Solutions Inc Earnings Call Transcript
Key Points
- TOMI Environmental Solutions Inc (TOMZ) returned to profitability in Q2 2024, marking a significant milestone for the company.
- Revenue for the quarter exceeded $3 million, representing a 170% sequential increase compared to the previous quarter.
- BIT Solutions sales increased by approximately 171% over the first quarter, contributing to strong financial performance.
- The company has secured approximately $5.6 million in sales year-to-date, indicating strong future growth potential.
- TOMI expanded its global footprint with new customers in Canada, Mexico, Philippines, and the UAE, enhancing its market presence.
- The company experienced a significant increase in accounts receivable, raising concerns about cash flow and collection efficiency.
- Despite the return to profitability, the company's historical results have been described as 'lumpy,' indicating potential volatility in future earnings.
- The company did not secure a DoD grant for the ethylene oxide market, which could have provided additional funding and opportunities.
- There is a need for more awareness and understanding of TOMI's products in certain markets, such as data centers, which may slow adoption.
- The company faces challenges in penetrating certain markets, such as the ambulance market, which requires long-term processes and education.
Good afternoon, everyone, and welcome to the Tomi Environmental Solutions, Inc. second-quarter 2024 financial results conference call. (Operator Instructions)
It is now my pleasure to turn the floor over to your host, John Nesbett of IMS. Sir, the floor is yours
Thank you for joining us today for TOMI Environmental Solutions' Investor Update Call.
On today's call is TOMI's Chief Executive Officer and Chairman of the Board, Dr. Halden Shane; TOMI's Chief Operating Officer, EJ Shane; and TOMI's Chief Financial Officer, Joe Rzepka. Dr. Shane will provide an overview of recent business highlights, EJ will report on future plans, Joe will provide the financials, and all will be available for the Q&A.
A telephone replay of today's call will be available through August 15, 2024, the details of which are included in the company's press release dated August 1, 2024. A webcast replay will also be available on TOMI's website,
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