Adamis Pharmaceuticals Corporation(ADMP) and its subsidiaries recently released their unaudited condensed consolidated financial statements for the second quarter of 2023. The financial data reveals a net loss of $17.5 million during the quarter, along with revenue of $6.9 million. The company's financial performance is analyzed through its balance sheets, statements of operations, and cash flow data.
Net Loss
Adamis Pharmaceuticals Corporation faced a net loss of $17.5 million in the second quarter of 2023. This loss reflects the company's operational challenges and expenses during this period.
Revenue Generation
The company generated $6.9 million in revenue during the second quarter of 2023, indicating a positive flow of funds into the organization. This revenue was primarily derived from the company's various operations.
Balance Sheets
The unaudited condensed consolidated balance sheets reveal the financial position of Adamis Pharmaceuticals Corporation and its subsidiaries as of June 30, 2023. The company's total assets were reported at $4.75 million, while total liabilities, including mezzanine equity and stockholders' deficit, stood at $16.24 million.
Statements of Operations
The unaudited condensed consolidated statements of operations outline the company's financial performance for the three and six months ending June 30, 2023. The data showed that revenue for the second quarter of 2023 was $6.9 million, resulting in a gross loss of $354,449. Operating expenses, including research and development costs, contributed to a loss from operations of $11.3 million.
Cash Flows
The statements of cash flows for the six months ending June 30, 2023, depicted that the company utilized approximately $4.1 million in its operating activities. The cash flows also reflected investing activities, including the purchase of equipment, with net cash provided by these activities amounting to $980,069. Financing activities, such as the proceeds from the March 2023 offering and the exercise of warrants, provided a net cash inflow of $2.73 million.
The financial data released by Adamis Pharmaceuticals Corporation portrays a challenging quarter marked by a net loss of $17.5 million. Despite this, the company managed to generate $6.9 million in revenue, reflecting its ongoing business operations. The company's balance sheets, statements of operations, and cash flow data provide insights into its financial health and performance during this period.