CleanCore Solutions, Inc. (NYSE: ZONE) shares enjoyed sharp gains first thing Friday, as the developer of patented technology that works as a safe and low-cost replacement for traditional cleaning chemicals, reported its 2024 fiscal year financial results and provided a business update.
Revenue for the fiscal year ended June 30, 2024, was $1.6 million compared to $2.4 million for 2023. This reduction in revenue was primarily due to a deliberate and strategic shift in focus to a direct sales model, which resulted in a 9.0% increase in gross profit and an increase in gross margins to 49.9% compared to 29.9% for the same period last year. General and administrative expenses decreased by $3.2 million, or 56.2%, to $2.5 million for the year ended June 30, 2024, from $5.6 million for the year ended June 30, 2023.
Net loss for the fiscal year ended June 30, 2024 was $2.3 million compared to $5.3 million for 2023. As of June 30, 2024, the Company had cash and cash equivalents of $2.0 million.
CEO Clayton Adams commented, “Our cutting-edge aqueous ozone cleaning systems are being widely adopted in key sectors, including healthcare, education and aviation, given their ability to eliminate harmful chemicals while maintaining the highest standards of cleanliness and reducing labor costs for our clients. As more industries seek environmentally responsible solutions, CleanCore is at the forefront of this movement, offering technologies that are not only safer but also more cost-effective.”
ZONE shares hiked 21 cents, or 13.6%, to $1.75.