SenesTech, Inc. (NASDAQ:SNES) Q3 2023 Earnings Call Transcript

SenesTech, Inc. (NASDAQ:SNES) Q3 2023 Earnings Call Transcript November 9, 2023

SenesTech, Inc. beats earnings expectations. Reported EPS is $-0.47, expectations were $-0.85.

Operator: Good afternoon. And welcome to the SenesTech Reports Third Quarter Fiscal Year 2023 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Robert Blum of Lytham Partners. Please go ahead.

Robert Blum: All right. Thank you very much. And thank you all for joining us today to discuss SenesTech’s third quarter 2023 financial results for the period ended September 30, 2023. With us on the call representing the company today is, Joel Fruendt, the company’s Chief Executive Officer; and Tom Chesterman, the company’s Chief Financial Officer. At the conclusion of today’s prepared remarks, we will open the call for a question-and-answer session. Before we begin with prepared remarks, we submit for the record the following statement. Statements made by the management team of SenesTech during the course of this conference call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended, and such forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements describe future expectations, plans, results or strategies and are generally preceded by words such as may, future, plan or planned, will or should, expected, anticipates, draft eventually or projected. Listeners are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors and other risks identified in our filings with the Securities Exchange Commission. All forward-looking statements contained during this conference call speak only as of the date at which they were made and are based on management’s assumptions and estimates as of such date.

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The company does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise. With that said, let me turn the call over to Joel Fruendt, Chief Executive Officer, SenesTech. Joel, please proceed.

Joel Fruendt: Good afternoon, everyone. Thank you all for joining us today. The results of the third quarter highlight the progress we have made on the various initiatives implemented to drive sales, improve our product quality and expand our product options. Specifically, we accelerated our growth trajectory during the third quarter with a strong 44% year-over-year growth in revenues, coming in at a new all-time quarterly record of $360,000. Sales growth during the third quarter was led by increases in nearly every key vertical market, including agribusiness, zoos and sanctuaries, and commercial. Lately, in addition, we have been seeing a surge in demand from residential homeowners’ associations. This revenue growth, coupled with a number of operational improvements, such as improvements in our return on marketing investment within our e-commerce platform, helped lead to an improvement of nearly $700,000 in our net loss and adjusted EBITDA loss compared to the year ago period.

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