Spetz Inc. Reports Financial Results for First Half of 2024

TORONTO, ON / ACCESSWIRE / July 29, 2024 / Spetz Inc. (CSE:SPTZ)(OTC PINK:DBKSF) has announced its financial results for the three and six months ending June 30, 2024. All figures are reported in US Dollars.

For the first half of 2024, Spetz Inc. reported a revenue of $1,016,000, a decline of 7.47% from $1,098,000 during the same period in 2023. The revenue, driven by referral service fees, underscores a strategic reorientation towards the Israeli market and a reduction in investments elsewhere. This move has helped to cut the company's net loss as part of broader efficiency efforts.

Total expenses for the period also dropped significantly by 50.37%, from $2,869,000 to $1,424,000. Consequently, net loss decreased by 61.63%, recording $752,000 from $1,960,000 a year earlier. Adjusted EBITDA loss saw a notable decrease by 65.2%, falling to $309,000 from $888,000.

CEO Yossi Nevo stated, "Our strategic efficiency plan has markedly reduced expenses and adjusted EBITDA loss, reflecting our commitment to enhancing performance and driving positive outcomes. We are focusing on further cost reductions and revenue growth, with an emphasis on achieving positive cash flow."

For detailed financial information, refer to the Company’s Management's Discussion and Analysis (MD&A) and Consolidated Financial Statements as of June 30, 2024, available on the company's website and SEDAR.