Nukkleus Inc. Releases Q3 10-Q Report Highlighting Financial and Operational Challenges
Bacaan 1 minit
Nukkleus Inc., a company specializing in general support services and financial services, has released its Form 10-Q report for the third quarter. The report provides a detailed overview of the company's financial performance and operational activities, highlighting significant challenges and future plans.
Financial Highlights
- Total Revenues: $259,757,000, reflecting a significant decrease from the previous year's $5,633,944,000 due to the termination of the General Services Agreement with TCM.
- Total Gross Profit: $196,561,000, an increase from $147,962,000 in the previous year, indicating improved profitability in financial services despite lower overall revenues.
- Loss from Operations: $(2,419,849), a substantial increase in operating loss compared to $(806,364) in the previous year, primarily driven by increased professional fees and bad debt expenses.
- Net Loss: $(2,429,417), a significant increase from $(805,649) in the previous year, largely due to higher operating expenses and interest expenses.
- Net Loss Per Common Share: $(0.17), compared to $(0.08) in the previous year, reflecting the increased net loss and dilution from additional shares issued.
Business Highlights
- Revenue Segments: The company operates in two main segments: general support services and financial services. The general support services segment provides software, technology, customer sales and marketing, and risk management technology solutions under a General Services Agreement (GSA) to a related party. The financial services segment offers payment services from one fiat currency to another or to digital assets.
- Geographical Performance: The company's operations are spread across multiple regions, with cash balances held in the United States, United Kingdom, Republic of Lithuania, and Malta. The majority of cash is held in the United Kingdom, indicating a significant operational presence in this region.
- Future Outlook: The company faces substantial doubt about its ability to continue as a going concern due to a working capital deficit and negative cash flow from operations. The company plans to raise additional capital through equity sales to implement its business plan and generate significant revenues.