Business
SenesTech Announces Second Quarter 2024 Financial Results
Record Revenue and Margin Performance PHOENIX, Aug. 8, 2024 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES, "SenesTech" or the "Company"), the leader in
About this update from Senestech, Inc.
[{"type":"text","content":"Record Revenue and Margin Performance\nPHOENIX, Aug. 8, 2024 /PRNewswire/ -- SenesTech, Inc. (NASDAQ: SNES, \"SenesTech\" or the \"Company\"), the leader in fertility control to manage animal pest populations and the only manufacturer of commercially available, EPA-registered Rat Birth Control® products today announced financial results for the second quarter of 2024.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nRecord revenues of $874,000 in the first half of 2024, an increase of 62% compared to the first half of 2023.Gross margin percentages improved to 54% during Q2 2024 compared to 47% in Q1 2024 driven by improvements in manufacturing operations and scale. Gross margin percentage rose to 67% in June which represented the highest gross margins to date.Quarterly adjusted EBITDA loss is the smallest in the Company's history, cutting in half the cash burn, as revenue growth, margin improvement, and tight controls of operating expenses have contributed towards the Company's near-term goal of breaking even.The EvolveTM product line, formulated especially for the proactive control of rodent fertility and launched at the beginning of 2024, has quickly become the Company's biggest-selling product line, contributing approximately 60% of year-to-date revenue.Revenue growth during the quarter was driven primarily by distributor sales growth and direct sales to e-commerce and pest management customers.Key growth initiatives implemented in the first half of 2024 which are expected to drive second-half growth, include:Launch of Evolve with key online retailers, including Amazon.com and diypestcontrol.com.Launch of Evolve Mouse in May 2024, a fertility solution to proactively control mouse infestations, utilizing the same revolutionary breakthrough technology as the rat solution.Ramp up of recently secured distribution agreements with leading agricultural and pest management industry distributors.New product packaging introduced to include convenient 1.5 pound, 3 pound, and 6 pound pouches, using 87% less plastic than traditional pails.Expanded sales and marketing efforts by signing agreements with five manufacturer's representative agencies, with more than 50 outside representatives targeting 23 retail, coop and big box chains to inventory Evolve in their stores.Expansion of the Evolve product line targeting retail distribution channels h...