Amaze Holdings (AMZE) Q3 2024 earnings summary

Executive summary

• Net revenue for Q3 2024 was $63,209, down 93% year-over-year; nine-month revenue was $238,261, down 85% year-over-year.

• Net loss for Q3 2024 was $315,290, and for the nine months ended September 30, 2024, was $2.4 million, both significantly improved from prior year losses.

• The company entered into a Business Combination Agreement with Adifex Holdings LLC and Amaze Holdings Inc., aiming to become subsidiaries of a new public entity, Pubco.

• The company faces substantial doubt about its ability to continue as a going concern due to ongoing losses and a working capital deficit.

Financial highlights

• Gross loss for Q3 2024 was $154,483, compared to a gross profit of $152,646 in Q3 2023.

• Selling, general, and administrative expenses decreased 60% year-over-year for Q3 2024, reflecting cost-cutting measures.

• Cash and restricted cash at September 30, 2024, totaled $122,000; working capital deficit was $2.9 million.

• Net cash used in operating activities for the nine months ended September 30, 2024, was $1.3 million, down from $4.6 million in 2023.

• Additional $4.1 million raised post-quarter from Series B Preferred Stock; $300,000 from convertible notes in Q3.

Outlook and guidance

• The company expects continued losses and negative cash flows; additional financing is required to sustain operations beyond Q1 2025.

• Completion of the Business Combination is contingent on raising up to $10 million in new capital.

• If the Business Combination fails, the company may consider liquidation or bankruptcy.