Cibus Inc Reports Q2 2024 Financial Results
Intellectia.AI1970-01-01
Cibus, Inc. Reports Q2 2024 Financial Results
Overview
Cibus, Inc. has released its financial results for the quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Q1 2024 | YoY Change | QoQ Change | Consensus Estimates | Vs. Consensus Estimates |
|---|---|---|---|---|---|---|---|
| Total Revenue | $800,000 | $200,000 | $600,000 | +300% | +33.33% | $440,000 | +81.82% |
| Earnings Per Share (EPS) | -$2.22 | -$3.74 | -$3.04 | +40.64% | +27.06% | -$0.81 | -174.07% |
The revenue growth of 300% year-over-year (YoY) and 33.33% quarter-over-quarter (QoQ) demonstrates substantial progress in Cibus' business operations and is significantly above the Wall Street consensus estimate of $440,000. However, the EPS of -$2.22 still reflects a significant loss, though improved compared to the previous periods. The EPS fell short of market expectations, missing the consensus estimate of -$0.81 by a wide margin.
Revenue Performance Across Major Segments
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Contract Research | $800,000 | $200,000 | +300% |
Revenue from Contract Research, the only major segment reported, increased by 300% YoY. This increase suggests successful integration and execution of research contracts likely driven by the progress in gene editing technologies and sustainable ingredient projects.
Operational Data
No specific operational data was provided in the earnings release.
Comments from Company Officers
No comments from company officers were provided in the earnings release.
Dividends or Share Repurchase Programs
No information on dividends or share repurchase programs was provided in the earnings release.
Forward Guidance
No forward guidance was mentioned in the earnings release.
Stock Price Movement Post Earnings Release
Post the earnings release, Cibus Inc.'s stock price decreased by -4.33%.
This comprehensive summary illustrates Cibus Inc.'s significant revenue growth despite continuing operating losses, highlighting the substantial outperformance relative to revenue projections but also the considerable shortfall in earnings expectations. As the company navigates its operational challenges, its focus on gene editing technologies and sustainable agronomic solutions remains at the forefront.
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