Nukkleus Inc. Releases Q4 2023 10-Q Report Highlighting Financial and Business Performance
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Nukkleus Inc., a company specializing in providing software and technology solutions for the retail foreign exchange trading industry, has released its Form 10-Q report for the quarter ended December 31, 2023. The report details the company's financial performance and operational highlights, offering insights into its revenue segments, geographical performance, and future outlook.
Financial Highlights
- Total Revenues: $5,242,391 million, reflecting a slight decrease from the previous year's $5,376,388 million, primarily due to a reduction in financial services revenue.
- Total Gross Profit (Loss): $458,700 million, showing an improvement from a loss of $54,873 million in the previous year, driven by increased gross profit in financial services.
- Loss from Operations: $(8,947,229) million, significantly higher than the previous year's loss of $(1,136,495) million, largely due to increased operating expenses.
- Net Loss: $(8,928,095) million, compared to a net loss of $(1,133,922) million in the previous year, indicating a substantial increase in losses.
- Net Loss Per Common Share: $(0.85), compared to $(0.11) in the previous year, reflecting the increased net loss.
Business Highlights
- Revenue Segments: The company operates in two main segments: General Support Services and Financial Services. General Support Services, which includes providing software and technology solutions under a General Services Agreement (GSA) to a related party, accounted for $4,800,000 in revenue for the three months ended December 31, 2023. Financial Services, which involves providing payment services from one fiat currency to another or to digital assets, generated $442,391 in revenue for the same period.
- Geographical Performance: The company has operations in multiple regions, including the United States, United Kingdom, Republic of Lithuania, and Malta. As of December 31, 2023, the majority of cash was held in the Republic of Lithuania (68.4%), followed by the United States (25.1%).
- Future Outlook: The company plans to continue focusing on providing software and technology solutions for the retail foreign exchange trading industry. It aims to raise additional capital through equity sales to implement its business plan and address liquidity challenges.