PetVivo Holdings Inc. (PETV) reports earnings
PetVivo Holdings Inc. (PETV) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports revenues of $583,313 for the quarter, a slight decrease from $595,891 in the same quarter of the previous year. Revenues were primarily derived from sales of the company's Spryng™ product to distributors and veterinary clinics.
Cost of sales for the quarter was $61,497, remaining relatively constant compared to $62,569 in the same quarter of the previous year.
Operating expenses totaled $2,280,221, a decrease from $2,666,946 in the previous year. This reduction was primarily due to decreased general and administrative expenses and sales and marketing expenses.
The company reported an operating loss of $1,758,405 for the quarter, compared to $2,133,624 in the previous year, reflecting cost-cutting measures.
Other income for the quarter was $1,367, down from $383,776 in the previous year, which included a gain from extinguishment of payables.
Net loss for the quarter was $1,757,038, or $0.09 per share, compared to a net loss of $1,749,848, or $0.12 per share, in the previous year.
For the nine months ended December 31, 2024, revenues were $907,783, slightly down from $920,440 in the previous year. Operating expenses for the period were $6,788,008, down from $8,795,338.
The company reported a net loss of $5,979,594 for the nine months, compared to $8,304,578 in the previous year. The decrease in net loss was attributed to reductions in operating expenses.
PetVivo Holdings Inc. continues to focus on the commercialization of its Spryng™ product and is exploring additional capital raising opportunities to support its operations.
The company’s financial position as of December 31, 2024, included current assets of $1,226,829 and current liabilities of $2,936,314, resulting in a working capital deficit of $1,709,485.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PetVivo Holdings Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email [email protected].