Firefly Neuroscience Q2 Revenue Up, Net Loss Widens
Ticker: AIFF · Form: 10-Q · Filed: Aug 19, 2024 · CIK: 803578
Sentiment: mixed
Topics: revenue-growth, net-loss, financials, quarterly-report
TL;DR
Firefly Neuro Q2 rev up to $562K, but net loss also up. Cash at $726K.
AI Summary
Firefly Neuroscience, Inc. reported total revenue of $562,644 for the quarter ended June 30, 2024, a significant increase from $484,461 in the same period of 2023. Net loss for the quarter was $449,205, compared to a net loss of $432,620 in the prior year's quarter. The company's cash and cash equivalents stood at $726,829 as of June 30, 2024.
Why It Matters
The company's revenue growth indicates increasing market traction for its neuroscience solutions, though the widening net loss suggests ongoing investment in growth or operational challenges.
Risk Assessment
Risk Level: medium — The company shows revenue growth but also an increasing net loss, indicating potential financial instability and reliance on future funding.
Key Numbers
- $562.6K — Q2 2024 Revenue (Represents an increase from the prior year's quarter.)
- $449.2K — Q2 2024 Net Loss (Wider loss compared to Q2 2023.)
- $726.8K — Cash and Cash Equivalents (As of June 30, 2024.)
Key Players & Entities
- FIREFLY NEUROSCIENCE, INC. (company) — Filer
- 20240630 (date) — Reporting Period End Date
- $562,644 (dollar_amount) — Q2 2024 Total Revenue
- $484,461 (dollar_amount) — Q2 2023 Total Revenue
- $449,205 (dollar_amount) — Q2 2024 Net Loss
- $432,620 (dollar_amount) — Q2 2023 Net Loss
- $726,829 (dollar_amount) — Cash and Cash Equivalents as of June 30, 2024
FAQ
What was Firefly Neuroscience's total revenue for the quarter ended June 30, 2024?
The total revenue for the quarter ended June 30, 2024, was $562,644.
How did the net loss for the quarter ended June 30, 2024, compare to the same period in 2023?
The net loss for the quarter ended June 30, 2024, was $449,205, compared to $432,620 for the same period in 2023, indicating a wider loss.
What was the company's cash and cash equivalents balance as of June 30, 2024?
As of June 30, 2024, Firefly Neuroscience, Inc. had $726,829 in cash and cash equivalents.
What was the reported software sales revenue for the quarter ended June 30, 2024?
The filing indicates software sales for the quarter ended June 30, 2024, but the specific dollar amount is not directly extracted in the provided snippet.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
Filing Stats: 4,494 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-08-19 17:17:22
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share AIFF The NASDAQ Capital M
- $0.00001 — Firefly 2023's common stock, par value $0.00001 per share (the "Firefly 2023 Common Sto
Filing Documents
- wavd20240613_10q.htm (10-Q) — 1000KB
- ex_687743.htm (EX-31.1) — 14KB
- ex_687744.htm (EX-31.2) — 14KB
- ex_687745.htm (EX-32.1) — 6KB
- ex_687746.htm (EX-32.2) — 6KB
- 0001437749-24-027242.txt ( ) — 5534KB
- aiff-20240630.xsd (EX-101.SCH) — 53KB
- aiff-20240630_cal.xml (EX-101.CAL) — 46KB
- aiff-20240630_def.xml (EX-101.DEF) — 399KB
- aiff-20240630_lab.xml (EX-101.LAB) — 323KB
- aiff-20240630_pre.xml (EX-101.PRE) — 419KB
- wavd20240613_10q_htm.xml (XML) — 763KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 4.
Controls and Procedures
Controls and Procedures 28 PART II. OTHER INFORMATION 29 Item 1.
Legal Proceedings
Legal Proceedings 29 Item 1A.
Risk Factors
Risk Factors 29 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 30
SIGNATURES
SIGNATURES 31 2 Table of Contents Form 10-Q June 30, 2024
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements FIREFLY NEUROSCIENCE, INC. (formerly WaveDancer, Inc.) CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (unaudited) (audited) ASSETS Current assets Cash and cash equivalents $ 244,137 $ 681,995 Accounts receivable 791,707 1,117,862 Prepaid expenses and other current assets 132,804 267,351 Total current assets 1,168,648 2,067,208 Intangible assets, net of accumulated amortization of $ 562,644 and $ 484,461 , respectively 927,356 1,005,539 Goodwill 1,125,101 1,125,101 Right-of-use operating lease asset 28,976 245,569 Property and equipment, net of accumulated depreciation and amortization of $ 449,205 and $ 432,620 , respectively 41,414 57,999 Other assets 18,419 18,419 Total assets $ 3,309,914 $ 4,519,835 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 759,229 $ 403,441 Revolving line of credit 300,000 500,000 Accrued payroll and related liabilities 526,844 615,766 Commissions payable - 30,223 Income taxes payable 3,450 3,450 Other accrued liabilities 230,024 267,604 Contract liabilities 55,531 114,540 Operating lease liabilities - current 39,610 163,282 Total current liabilities 1,914,688 2,098,306 Operating lease liabilities - non-current - 136,652 Deferred tax liabilities, net 16,187 16,187 Total liabilities 1,930,875 2,251,145 Stockholders' equity Common stock, $ 0.0001 par value 100,000,000 shares authorized; 726,829 shares issued, 671,060 shares outstanding as of June 30, 2024 and December 31, 2023 73 73 Additional paid-in capital 36,633,060 36,459,064 Accumulated deficit ( 34,288,883 ) ( 33,225,236 ) Treasury stock, 55,768 shares at cost, as of June 30, 2024 and December 31, 2023 ( 965,211 ) ( 965,211 ) Total stockholders' equity 1,379,039 2,268,690 Total liabilities and stockholders' equity $ 3,309,914 $ 4,519,835 The accompanying notes are an integral part of the unaudited conde