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Newtopia has reported its Q4 2023, full year 2023, and Q1 2024 financial results. The company saw a decrease in revenue across all periods due to changes in a major client's incentive program. Q4 2023 revenue was $2.3M, down 25% YoY; full year 2023 revenue was $9.8M, down 12% YoY; and Q1 2024 revenue was $1.8M, down 31% YoY. Gross profit margins were 63%, 62%, and 50% for Q4 2023, full year 2023, and Q1 2024, respectively. Net cash stood at $0.4M at the end of Q4 2023 and $0.33M at the end of Q1 2024. The company has reduced operating expenses significantly. Newtopia is optimistic about growth opportunities with GLP-1 drugs and health AI partnerships.
Newtopia (TSXV: NEWU; OTCQB: NEWUF), a tech-enabled health platform focused on preventing chronic diseases, announced it will release combined financial results for Q4 2023 and Q1 2024 on May 23, 2024, after market close.
The company will hold a conference call at 5:00 p.m. Eastern Time on the same day to discuss these results. Interested parties can access the call via phone or live webcast.
A replay of the call will be available until June 13, 2024, and the webcast will be archived on Newtopia's investor relations website.
