Beyond Oil (BOIL) Q3 2024 earnings summary

Executive summary

• Focused on commercializing a food-tech product that extends frying oil life and reduces costs, with regulatory approvals in the US and Canada.

• Expanded distribution agreements in Israel, US, UK, Canada, and Europe, including with major food service and industrial partners.

• Significant management changes and board appointments, including new CEO and strategic advisors.

Financial highlights

• Revenue for Q3 2024 was $133K, up from $0 in Q3 2023; nine-month revenue was $300K, up from $256K year-over-year.

• Net loss for Q3 2024 was $2.7M, compared to $652K in Q3 2023; nine-month net loss was $4.8M, up from $1.7M year-over-year.

• Cash position increased to $2.86M as of September 30, 2024, from $499K a year earlier.

• Working capital improved to $162K from negative $180K year-over-year, mainly due to $4.67M in private placement proceeds.

Outlook and guidance

• Management expects continued commercialization in food service and industrial frying markets.

• Ongoing trials and partnerships with major food equipment manufacturers and global restaurant chains.

• Material uncertainty exists regarding ability to continue as a going concern due to ongoing losses and reliance on fundraising.