Revenue Performance: ClimateRock did not report significant revenue in QQ1 2024, revealing challenges in monetization despite ongoing marketing initiatives. This lack of revenue was significant as comparisons with previous quarters showed a continued struggle to convert investments into income.
Profitability: The gross profit was reported at -$670,000, a drop of 73.13% year-over-year (YoY). Operating income also displayed significant decline, down 80.88% YoY to -$700,000. Investors should note that the net income reported a staggering drop of -172.59% YoY.
Cash Flow and Balance Sheet Health: The firm’s cash position weakened with a net cash used in operating activities of -$582,392. The cumulative cash at the end of the period stood at $316,030, raising concerns about liquidity. The current ratio of 0.0861 suggests vulnerability in meeting short-term liabilities, especially with current liabilities at $4,533,938.
Debt Profile: The short-term debt reported was $3,197,656, which paired with total liabilities of $6,896,438, indicates leverage concerns. The net debt stands at $2,881,626, underscoring the need for careful management of debt and operational expenses moving forward.