Femto Technologies Announces Third Quarter 2024 Financial Results
Vancouver, BC, Nov 14, 2024 – (NewMediaWire) – – Femto Technologies Inc. (Nasdaq: BCAN) (“Femto” or the “Company”), an integrated software company specializing in female technology, has released its financial results for nine-month ended September 30, 2024. Full versions of Femto’s unaudited consolidated interim financial statements and management discussion and analysis for the period, can be found on www.sedarplus.ca.
Q3 2024 Financial and Business Highlights:
- Revenue decreased 7% to $816,533 for the nine-month period ended September 30, 2024, from $873,740 for the same period in 2023.
- Gross Profit decreased to 10% for the nine-month period ended September 30, 2024, from 52% for the same period in 2023.
- Net loss increased 276% to $5,418,470 for the three-month period ended September 30, 2024 from a net loss of $1,439,785 for the same period in 2023.
- Working capital increased to 5,457,579 for September 30, 2024, from $2,441,703 for December 31,2023.
- Total (EPA:) assets decreased to $33,997,632 for September 30, 2024, from $36,801,368 for December 31,2023.
- Loss per share decreased 93% to $8.31 for the three-month period ended September 30, 2024 from $118.37 for the same period in 2023.
- Total shares outstanding as of September 30, 2024, were 659,781.
- On October 30, 2024, the Company received the first shipment of the Sensera devices from the factory in China.
- On September 5, 2024, the Company announced that it has submitted its flagship feminine wellness product to the CES(R)2025 Innovation Awards competition, scheduled to be announced in January 2025.
- On September 4, 2024, the Company announced that it has partnered with FDA-registered manufacturer to launch the Sensera pods.
Summary of Quarterly Comparison of Revenue, Gross Profit and Net Loss
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Includes impairments of intangible assets in the amount of $5,601,167.
Includes change in fair value of derivative warrants liabilities in the amount of $28,977,934.
Includes impairments of intangible assets and asset under construction in the amount of $13,142,481.
About Femto Technologies Inc.
Femto, previously known as BYND Cannasoft, aims to become a beacon of transformative change in the sphere of female health and wellness. Through proprietary Smart Release Technology and a dedication to creating smart, women-centric products, Femto is establishing new benchmarks in the wellness industry.
Femto is an Israeli-based integrated software company. Femto owns and markets “Benefit CRM”, a proprietary customer relationship management (CRM) software product enabling small and medium-sized businesses to optimize their day-to-day business activities such as sales management, personnel management, marketing, call center activities, and asset management.
Femto owns the patent-pending intellectual property for the EZ-G device. This therapeutic device uses proprietary software to regulate the flow of low concentrations of CBD oil, hemp seed oil, and other natural oils into the soft tissues of the female reproductive system to potentially treat a wide variety of women’s health issues. The EZ-G device includes technological advancements as a sex toy with a more realistic experience and the prototype utilizes sensors to determine what enhances the users’ pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. The data will be transmitted and received from the device to and from the secure cloud using artificial intelligence (AI). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction. Commercialization of the EZ-G device is subject to receipt of regulatory approvals.
The devices described in this news release are concept devices that are in the first stage of development and will be subject to testing, experiments and regulatory approvals and therefore there is no certainty that they will eventually be marketed.
For further information please refer to the Company’s new website: www.femtocorp.com and on SEDAR+: www.sedarplus.ca.
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended and under Canadian securities laws. When used in this press release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such statements reflect the Company’s current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including future financial performance, unanticipated regulatory requests and delays, final patents approval, and those factors discussed in filings made by the company with the Canadian securities regulatory authorities, including (without limitation) in the company’s management’s discussion and analysis for the year ended December 31, 2023 and annual information form dated April 2, 2024, which are available under the company’s profile at www.sedarplus.ca, and in the Company’s Annual Report on Form 20-F for the year then ended that was filed with the U.S. Securities and Exchange Commission on April 3, 2024. Should one or more of these factors occur, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
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