IDenta Corp Reports Second Quarter 2024 Results with Impressive Increase in Revenue and Profitability

Rhea-AI Summary

IDenta Corp (OTCQB: IDTA), a leader in field detection and home diagnostic testing kits for narcotics, explosives, and forensic products, reported impressive Q2 2024 results. Despite global challenges, the company showed significant growth:

- Revenue increased to $360,988 from $188,494 in Q2 2023
- Gross profit rose to $258,326 from $124,934
- Operating profit improved to $72,558 from a loss of $76,350
- Net profit reached $79,901, compared to a loss of $76,334
- Cash and cash equivalents grew to $461,850 from $264,294

CEO Amichai Glattstein attributed the success to wise resource management, new customer acquisition, and expansion in existing markets. The company remains committed to creating a better future for the world through its innovative products in homeland security and consumer markets.

Positive

• Revenue increased by 91.5% year-over-year to $360,988 in Q2 2024
• Gross profit more than doubled to $258,326 in Q2 2024
• Operating profit improved from a loss of $76,350 to a profit of $72,558
• Net profit turned positive at $79,901 compared to a loss in Q2 2023
• Cash and cash equivalents grew by 74.7% to $461,850

Negative

• None.

HOLLYWOOD, Fla., Aug. 15, 2024 /PRNewswire/ -- IDenta Corp. (OTCQB: IDTA) is a worldwide leader in the development of Field Detection and Home Diagnostic Testing Kits for Narcotics, Explosives and Unique Forensic Products in Homeland Security and Consumer Markets. Today IDenta Corp reported its 2024 second quarter financial statement and shows an increase in sales and net profit. 

Mr. Amichai Glattstein, Chief Executive Officer, commented: " Despite the challenging global times for many  companies, our company is showing impressive results for 2024. The company continues to manage its resources wisely, grow with new customers and expands operations in existing markets. Our goal was and will continue to be a better future for the world".

Highlights of the Second Quarter of 2024 compared to the Second Quarter of 2023:

• Revenues for the second quarter of 2024 were $360,988 compared to revenues of $188,494 in the second quarter of 2023.  
• Gross profit increased to $258,326 in the second quarter of 2024 compared to gross profit of $124,934 in the second quarter of 2023.
• Operating profit is $72,558 in the second quarter of 2024 compared to ($76,350) in the second quarter of 2023.  
• Net profit for the second quarter of 2024 was $79,901 compared to net profit of ($76,334) in the second quarter of 2023.  
• Cash and cash equivalents increased to $461,850 for the second quarter of 2024 compared to $264,294 for the second quarter of 2023.

About IDenta Corp.

IDenta Corp. is a global leader in the development and supply of Field Detection and Home Diagnostics Testing Kits for Drugs & Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. IDenta develops, manufactures and distributes revolutionary products for both the professional Law and Retail markets which consistently pass the highest qualifications and testing procedures of law enforcement and security agencies around the world.

Safe Harbor Statement 

Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements" that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on management's expectations as of the date hereof, and the company does not undertake any responsibility to update any of these statements in the future.

Company Contact Information:
Public Relations
Tel: (240) 545-6646
E: pr@identa-corp.com

View original content:https://www.prnewswire.com/news-releases/identa-corp-reports-second-quarter-2024-results-with-impressive-increase-in-revenue-and-profitability-302223613.html

SOURCE IDenta Corp.

FAQ

What was IDenta Corp's (IDTA) revenue in Q2 2024?

IDenta Corp (IDTA) reported revenue of $360,988 in Q2 2024, a significant increase from $188,494 in Q2 2023.

How much profit did IDenta Corp (IDTA) make in Q2 2024?

IDenta Corp (IDTA) reported a net profit of $79,901 in Q2 2024, compared to a net loss of $76,334 in Q2 2023.

What was IDenta Corp's (IDTA) cash position at the end of Q2 2024?

IDenta Corp (IDTA) reported cash and cash equivalents of $461,850 at the end of Q2 2024, up from $264,294 in Q2 2023.

How did IDenta Corp's (IDTA) gross profit change in Q2 2024?

IDenta Corp's (IDTA) gross profit increased to $258,326 in Q2 2024, up from $124,934 in Q2 2023.