Q1 2025 Know Labs Inc Earnings Call
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Greetings and welcome to the no labs first quarter 2025 earnings Conference call. Please note. This conference call is being recorded.
Operator: Greetings and welcome to the Know Labs first quarter 2025 earnings conference. Note, this conference call is being.
Ron Erickson: We will now turn the conference over to Ron Erickson. Chairman and Chief Executive.
Speaker Change: I will now turn the conference over to Ron Ericsson.
Ron Ericsson: <unk>, Chairman and Chief Executive Officer, you may begin.
Ron Erickson: Thank you, operator. Thank you, everyone, for joining us for this conference call today to review Know Labs' first quarter 2025 financial results and operating highlights. Joining me today is Pete Conley, our Chief Financial Officer and Senior Vice President of Intellectual Property, who will discuss our financial results.
Ron Ericsson: Thank you operator, and thank you everyone for joining us for this conference call today to review no labs first quarter 2025 financial results and operating highlights joining me today is Pete Connolly, our Chief Financial Officer, and senior Vice President of intellectual property, who will discuss our financial results.
Ron Erickson: If you have not seen today's financial results, press release, and 10-Q filing, please visit the investors page on the company's website at www.knowlabs.co. Before providing an update on our activities, I'd like to remind you that during this conference call the company will make projections and forward-looking statements regarding future events. Any statements that are not historical facts are forward-looking statements. We encourage you to review the company's SEC filings, including without limitation, the company's Form 10-K and 10-Qs, which identify specific risk factors that may cause actual resolver events to differ materially from those described in these forward-looking statements.
Ron Ericsson: If you have not seen today's financial results press release, and 10-Q filing. Please visit the investors page on the company's website at Www Dot No labs, that's C O b.
Ron Ericsson: Before providing an update on our activities I'd like to remind you that during this conference call. The company will make projections and forward looking statements regarding future events any statements that are not historical facts are forward looking statements. We encourage you to review the company's SEC filings, including without limitation the company's Form 10-K.
Ron Ericsson: And 10, Qs, which identify specific risk factors that may cause actual results or events to differ materially from those described in these forward looking statements.
Ron Ericsson: These factors may include without limitation risks inherent in the development or commercialization of potential diagnostic products uncertainty in the results of clinical trials or regulatory approvals the need to obtain third party reimbursement for patients use of any diagnostic products. The company would commercialize this.
Ron Erickson: These factors may include, without limitation, risks inherent in the development or commercialization of potential diagnostic products, uncertainty in the results of clinical trials or regulatory approvals, the need to obtain third-party reimbursement for patients' use of any diagnostic products the company commercializes, our need and ability to obtain future capital and maintenance of IP rights, risks inherent in strategic transactions such as a failure to realize anticipated benefits, legal, regulatory, or political changes in the applicable jurisdictions, accounting and quality controls, greater than estimated allocations of resources to develop and commercialize technologies, or failure to maintain any laboratory accreditation or FDA certification.
Ron Ericsson: Our need and ability to obtain future capital and maintenance of IP rights risks inherent in strategic transactions, such as a failure to realize anticipated benefits legal regulatory or political changes and the applicable jurisdictions accounting and quality controls greater than estimated allocations of resources.
Ron Ericsson: Develop and commercialized technologies or fairly or to me in any laboratory accreditation or F. D. A certification therefore actual outcomes and results may differ materially from what is expressed or implied in these forward looking statements.
Ron Erickson: Therefore, actual outcomes and results may differ materially from what is expressed or implied in these forward-looking statements. Know Labs expressly disclaims any intent or obligation to update these forward-looking statements, except as otherwise may be required under applicable law.
Ron Ericsson: No labs expressly disclaims any intent or obligation to update these forward looking statements, except as otherwise may be required under applicable law.
Ron Erickson: This quarterly update is being recorded, as I have a personal matter, a family funeral that I'll be attending tomorrow, hence we will not be able to have a Q&A session at the end of this call. With that, I will continue the call by reviewing the operating highlights of our first quarter for fiscal year 2025. Since our last call, there have been a lot of activities at the company. Here today, I'll provide a brief update on those activities and the progress we've made and some detail regarding our newly announced Know Labs technology licensing, which we refer to by the acronym KTL.
Ron Ericsson: This quarterly update is being recorded.
Ron Ericsson: As I have a personal matter of families funeral that I'll be attending tomorrow, hence we will not be able to have a Q&A session at the end of this call.
Ron Ericsson: With that I will continue the call by reviewing the operating highlights of our first quarter for fiscal year 'twenty 'twenty five.
Ron Ericsson: Since our last call Theres been a lot of activities at the company here.
Ron Ericsson: Here today I'll provide a brief update on those activities and the progress we've made in some detail regarding our newly announced no labs technology licensing, which we referred to by the acronym K T L.
Ron Erickson: In May of 2024, we created the Know Labs Skunk Works to pursue IP monetization and a global patent licensing program. We believed at that time, based upon unsolicited inbound inquiries, that there was a large opportunity to work with potential strategic partners and customers and drive revenue from non-core fields of use of the Know Labs platform technology, both in the U.S. and globally. As we studied those opportunities, it became clear that we needed to give them a more precise focus than provided by the informal Skunk Works. As a consequence, we put together, during the past quarter, the Comprehensive Know Labs Technology Licensing Program, which as I say, we identified by the acronym KTL.
Ron Ericsson: It may of 'twenty 'twenty four we created the no lapse skunk works to pursue IP monetization I think global patent licensing program. We believed at that time based upon unsolicited inbound inquiries that there was a large opportunity to work with potential strategic partners and customers.
Ron Ericsson: To drive revenue from noncore fields abuse of the no labs platform technology, both in the U S and globally.
Ron Ericsson: As we studied those opportunities it became clear that we needed to give them a more precise focus then provided by the informal skunk works is.
Ron Ericsson: As a consequence, we've put together during the past quarter. The comprehensive no labs technology licensing program, which as I say, we identified by the acronym K T L.
Ron Erickson: First, some background for those of you unfamiliar with the company's work. We're an innovative leader in the field of diagnostic and analytical technologies, inventing and pioneering the development of a groundbreaking sensor platform using radiofrequency dialectic spectroscopy, which we refer to as RFDS. The Know Labs Technology Licensing KTL program is designed to offer diverse industries access to this advanced sensor technology, enabling new applications and fostering collaboration in various sectors. RFDS is a cutting-edge technology that uses radiofrequency to measure dialectic properties of materials. By analyzing the interaction between electromagnetic waves and materials, RFDS provides precise and noninvasive measurements, making it ideal for various applications, from medical diagnostics to industrial processing.
Ron Ericsson: First some background for those of you unfamiliar with the companies work, we're an innovative leader in the field of diagnostic and analytical technologies inventing in pioneering the development of a groundbreaking sensor platform using radio frequency dialectic spectroscopy, which we referred to as our S. D S.
Ron Ericsson: Yes.
Ron Ericsson: No labs technology licensing K T. L program is designed to offer diverse industries access to this advanced sensor technology, enabling new applications and fostering collaboration in various sectors.
Ron Ericsson: Our F. D. S is a cutting edge technology that uses radio frequency to measure dielectric properties of materials by analyzing the interaction between electromagnetic waves and materials are F. D. S provides precise and noninvasive measurements, making it ideal for various applications for.
Ron Ericsson: Medical diagnostics to industrial processes are F. D. S operates on the principle of dialectic spectroscopy, where the dielectric properties of material are measured by exposing it to a range of radio frequencies. The interaction of these frequencies with the material creates a signature response, which can be analyzed.
Ron Erickson: RFDS operates on the principle of dialectic spectroscopy, where the dialectic properties of material are measured by exposing it to a range of radio frequencies. The interaction of these frequencies with the material creates a signature response, which can be analyzed to obtain detailed information about the material's composition and properties. This non-invasive method ensures high accuracy and reliability. As we performed research on our skunkworks, we came to realize from that real experience that Know Labs RFDS sensor platform had the potential to revolutionize multiple industries. In the medical field, it could be used, as you know, for blood glucose monitoring, early disease detection, and personalized health management.
To obtain detailed information about the materials composition and properties. This noninvasive method insurers high accuracy and reliability as.
Ron Ericsson: As we performed research and our Skunk works, we came to realize from that real experience that no labs are F. D. S sensor platform had the potential to revolutionize multiple industries in the medical field. It can be used as you know for blood glucose monitoring early disease detection and personalized health management in the industrial sector are.
Ron Erickson: In the industrial sector, RFDS can optimize manufacturing processes, improve quality control, and ensure the safety and authenticity of products. RFDS can truly act as an authenticating watermark, providing certainty that the object or material is what it purports to be. The versatility of RFDS opens endless possibilities for innovation.
Ron Ericsson: D S can optimize manufacturing processes improve quality control and ensure the safety and the authenticity of products.
Ron Ericsson: RFT S can truly act has done a syndicating watermark, providing certainty that the object or material is what it purports to be.
Ron Ericsson: The first fatality RF D. S opens endless possibilities for innovation I like to say when asked about the most interesting or unique application of our technology. Most unique application is the one I cannot yet to match it.
Ron Erickson: I like to say when asked about the most interesting or unique application of our technology, the most unique application is the one I cannot yet imagine. Now for some details on the KTL program. The primary objectives of the KTL program are to expand the reach, expand the application of our technology by partnering with industry leaders, researchers, and developers. We want to foster innovation. We want to encourage the development of new products and new solutions utilizing our technology. We want to create a network of collaborators by building collaborations with partners who can contribute to the advancement of RFDS technology.
Ron Ericsson: Now for some details on the K T. L program. The primary objectives of the K T. L program Mark to expand the reach expand the application of our technology by partnering with industry leaders researchers and developers we want to foster innovation, we want to encourage the development of new products and new solutions utilizing our technology.
Ron Ericsson: We want to create a network of collaborators by building collaborations with partners, who can contribute to the advancement of our F. D. S technology, and we want to enhance our market presence, we want to establish our F. D. S. As a standard technology in various fields, ensuring its widespread recognition and adoption.
Ron Erickson: And we want to enhance our market presence. We want to establish RFDS as a standard technology in various fields, ensuring its widespread recognition and adoption. The KTL program offers numerous benefits to its licensees. Obviously, access to our cutting-edge technology. Comprehensive support from the Know Labs team, technical support, training, and other resources to help us integrate our technology into their operation, provides for collaborative development, and it provides a market advantage. Licensees who adopt our technology can differentiate themselves in the market, offering unique and superior products and services. Our licensing process at KTL is designed to be straightforward and efficient and involves basic steps.
Ron Ericsson: The K T. L program offers numerous benefits to its license seats, obviously access to our cutting edge technology.
Ron Ericsson: Comprehensive support from the no labs team technical support training and other resources to help us integrate our technology into their operation provides for collaborative development and it provides a market advantage licensees, who adopt our technology can differentiate themselves in the market offering unique and superior products and services.
Ron Ericsson: Yeah.
Ron Ericsson: Our licensing process at K T. L is designed to be straightforward and efficient and involves basic steps. There's the initial consultation.
Ron Erickson: There's the initial consultation, followed by technical evaluation, negotiation of agreement, implementation, and ongoing collaboration. As the adoption of RFDS technology continues to grow, Know Labs is committed to expanding the KTL program and exploring new opportunities for collaboration. The company envisions a future where RFDS technology becomes a cornerstone in various industries driving innovation and improving lives. Know Labs is dedicated to ongoing research and development to enhance the capabilities of its RFDS technology. We invest in cutting edge research, collaborate with academic institutions, and work to stay on the forefront of technological advancements to ensure that our sensor platform evolves and remains state of the art.
Ron Ericsson: All led by technical evaluation and negotiation of agreement.
Ron Ericsson: Implementation and ongoing collaboration as.
Ron Ericsson: As the adoption of RFD as technology continues to grow no labs is committed to expanding the K T. L program and exploring new opportunities for collaboration the company envisions, a future where RFD as technology becomes a cornerstone in various industries driving innovation and improving lives no labs is dedicated to ongoing.
Ron Ericsson: Research and development to enhance the capabilities, it's our F. D. S technology, we invest in cutting edge research collaborate with academic institutions and worked to stay on the forefront of technological advancements to ensure that our sensor platform evolves and remained state of the art.
Ron Ericsson: At no labs, we aim to expand the reach of the K T. L program on a global scale by partnering with international organizations and industry leaders.
Ron Erickson: At Know Labs, we aim to expand the reach of the KTL program on a global scale by partnering with international organizations and industry leaders, bringing the benefits of our technology to a wider audience, fostering global innovation and progress.
Ron Ericsson: Bringing the benefits of our technology to a wider audience fostering global innovation and progress.
Ron Erickson: Now for a corporate update. On the corporate side, we've had our hands full. Combined with existing work and the development of the KTL initiative, I told a long-term shareholder yesterday that I felt like the proverbial one-armed paper hanger. Much of what has happened on the corporate side has been publicly detailed. It is my opinion and the opinion of the others that the company, over a period of time, has been under ruthless attack by short sellers. That commenced during the middle of last year and continues unabated through the end of the year and accelerated in January.
Ron Ericsson: Now for a corporate update on the corporate side, we've had our hands full combined with existing work on the development of the K T. L initiative I told a long term shareholder yesterday that I felt like the proverbial one arm paperhanger much of what has happened on the corporate side has been publicly detail. It is my opinion and then <unk>.
Speaker Change: None of the others that the company over a period of time has it been under ruthless attacks by short sellers that commenced during the middle of last year and continues unabated through the end of the year and accelerated in January.
Ron Erickson: The net impact of that activity made it difficult for the company to raise capital and ultimately led to the decision by the New York Stock Exchange, the American aspect of that exchange, to suspend trading in Know Labs stock and commence a delisting process which we have appealed. As we move through the regulatory process with the NYSE American, we will continue to keep you, our shareholders, advised on developments. For my part, I only want to emphasize our aggressive activities with KTL to generate near-term revenues from our robust platform. That will obviate some of our need for capital and put short sellers on notice.
Speaker Change: So the net impact of that activity made it difficult for the company and to raise capital and ultimately led to the decision by the New York Stock Exchange the American aspect of that exchange to suspend trading and no lab stock and commence a delisting process, which we have appealed as.
Speaker Change: As we move through the regulatory process with the NYSE American we will continue to keep you our shareholders advised on developments for my part I really want to emphasize our aggressive activities with K T. L to generate near term revenues from our robust platform that will obviate some of our need for capital and put shorts.
Speaker Change: Sellers on notice will continue to focus on our core objectives, which is the successful development of the no you to obtain FDA approval. However, we believe we can achieve faster monetization of our technology through strategic collaboration with major players and the capitalization of our intellectual property assets we've increased our.
Ron Erickson: We'll continue to focus on our core objectives, which is the successful development of the Know You to obtain FDA approval. However, we believe we can achieve faster monetization of our technology through strategic collaboration with major players and the capitalization of our intellectual property assets. We've increased our efforts on this front and we'll continue funneling resources into it. Meanwhile, KTL will help maximize shareholder value while bringing disruptive technology to the market that can have an impact on the lives of millions of people around the globe. I'm proud of our work this last quarter. We remain committed to bringing our technology into the marketplace and making a difference in the world.
Speaker Change: Reference on this front will continue and funneling resources into it. Meanwhile, K T. L will help maximize shareholder value, while bringing disruptive technologies in the market that can have an impact on the lives of millions of people around the globe I'm proud of our work. This last quarter, we remain committed to bringing our technology into the marketplace and making a dip.
Speaker Change: And the World I encourage you all to visit our Investor Relations website.
Ron Erickson: I encourage you all to visit our investor relations website, on the website, knowlabs.co, and to stay updated with our progress.
Speaker Change: On the website no labs dot C O and to stay updated with our progress now I'd like to turn the call over to Pete Connolly, who can review our financials Pete.
Pete Conley: Now, I'd like to turn the call over to Pete Conley, who can review our financials.
Pete Conley: Pete? Thank you, Ron. We detailed the financial results in today's first quarter of fiscal year 2025 earnings release, which you can find, as Ron indicated, on our website. But I will cover a few key line items. Before I do, I would like to briefly cover a topic we get questions on from our investors and shareholders.
Pete Connolly: Thank you Ron.
Pete Connolly: Detailed financial results news release first quarter fiscal year 2025 earnings release, which you can find as Ron indicated on our website.
Pete Connolly: I will cover a few key line items before I do I would like to briefly cover a topic, we get questions on from our investors and shareholders.
Pete Conley: And there may be some confusion about our financials, namely the topic of gap-based derivative accounting. Derivatives are financial instruments whose values derive from another asset. Common examples are stock options and warrants. Under GAAP, derivatives must be recognized on the balance sheet at fair value. The changes in the fair value derivatives are then reported on the income statement with an immediate impact on earnings, potentially causing significant volatility in a reported net income.
Pete Connolly: May be some confusion about our financials, namely the swamp of them get these derivative accounting.
Pete Connolly: Our financial instruments, whose values derived from another asset common examples or stock options and warrants.
Pete Connolly: Under GAAP through.
Pete Connolly: It must be recognized on the balance sheet at fair value the.
Pete Connolly: The changes in the fair ability to Rubens Zen recorded on the income statement with an immediate impact on earnings potentially causing significant volatility in our reported net income.
Pete Conley: Another area is in executive compensation. Changes in the fair value of vested options are recorded as an expense and affects net income. For all the volatility gap-based derivative accounting may cause, it is important to remember these changes are non-cash accounting adjustments and not actual cash impacts from operations. With that said, for Q1 fiscal year 2025, Know Labs reported a net loss of $4.67 million compared with a net loss of $3.45 million in Q1 fiscal 2024. As stated, it is important to note this quarter's results were substantially impacted by significantly higher non-cash expense of $2.45 million, or in other words, 52% of the total net loss in the quarter from the aforementioned gap-based relative accounting.
Pete Connolly: Another area is in exactly the compensation changes in the fair value of vested options are recorded as an expense in our fixed income.
Pete Connolly: For all the volatility to get base driven economy may cause.
Pete Connolly: It is important to remember these changes are noncash accounting adjustments and not actual cash impacts from our operations.
Pete Connolly: With that said for Q1 fiscal year 2025.
Pete Connolly: <unk> reported a net loss of $4 $67 million compared with a net loss of $345 million in.
Pete Connolly: Q1 fiscal 2024.
Pete Connolly: <unk> stated it is important to note. This quarter's results were substantially impacted by significantly higher non cash expense of $2 $45 million or in other words, 52% of the total net loss in the quarter from aforementioned.
Pete Connolly: GAAP based removal of accounting and that compares to 792000 in the same accounting you Joe Smith a year ago.
Pete Conley: And that compares to $792,000 in the same accounting adjustment a year ago. That's an increase of 209%. So this quarter's non-cash charged earnings of $2.45 million, as stated, related principally to gap-based derivative accounting for stock-based compensation of $551,000. Loss on debt extinguishment of $728,000, interest expense for the repricing of warrants of $747,000. and amortization of debt issuance costs of $386,000.
Pete Connolly: It's an increase of 209%.
Pete Connolly: So this quarter's noncash charge to earnings of two growing $45 million.
Pete Connolly: <unk> related principally to GAAP, each derivative accounting for stock based compensation.
Pete Connolly: $551000.
Pete Connolly: Loss on debt extinguishment of 728000 interest expense for the repricing of Lawrence of 747000.
Pete Connolly: And the amortization of debt issuance costs of 386000.
Pete Conley: net of these non-cash charges. Cash earnings for Q1 fiscal 2025 were a net loss of $2.45 million versus a net loss of $2.66 million in the year-ago quarter. This is an 8% improvement. year over year This translates to gap earnings per share of a loss of four cents, unchanged from a year ago, a preferred stock dividend. Net of non-cash expense, cash EPS, was a loss of two cents versus a loss of three cents in the year-ago period, an improvement of 33 percent. Research and development expense for Q1 fiscal 2025 was $802,000 as compared to $1.49 million in the year ago quarter.
Pete Connolly: Net of these noncash charges.
Pete Connolly: Cash earnings for Q1 fiscal 2025 were a net loss of $2 $45 million versus a net loss of 2.66 million in the year ago quarter. This is an 8% improvement.
Pete Connolly: Year over year.
Pete Connolly: This translates to GAAP earnings per share was a loss of <unk> unchanged from a year ago and preferred stock dividends.
Net of noncash expense Kashi P. S was launched with two cents versus a loss of three cents in the year ago period.
Pete Connolly: <unk> from 33%.
Pete Connolly: Research and development expense from Q1 fiscal 2025 was $802000 as compared to 1.49 million in the year ago quarter.
Pete Conley: That's a decrease of 46% year over year. The decrease was due principally to the continued use of consultants to reduce the cost of product development. Selling General and Administrative Expense for Q1 Fiscal 2025 was $1.97 million, which was 2% lower than the $2.01 million in the a year ago period. The decrease in SG&A was due primarily to lower insurance and other expenses. Turning now to the balance sheet, as of December 31, 2024, Know Labs had cash and cash equivalents of $1.03 million as compared to $3.11 million at the end of September 30, 2024. Net cash used in operations for the first quarter of fiscal 25 was $1.89 million compared with $3.39 million in the year-ago period, a decrease in our cash burn rate of 44%.
Pete Connolly: That's a decrease of 46% year over year. The decrease was due principally to the continued use of consultants to reduce the cost of product development.
Pete Connolly: Selling general and administrative expense from Q1 fiscal 2025 was 1.97 million, which was 2% lower than $2.0 million to $1 million in the year ago period.
Pete Connolly: The decrease in SG&A was due primarily to lower insurance and other expenses.
Pete Connolly: Turning now to the balance sheet.
Pete Connolly: Of December 31, 2024, no labs in cash and cash equivalents of $1.03 million as compared to $3 $1 million at the end of September 32024.
Pete Connolly: Net cash used in operations for the first quarter of fiscal 'twenty five.
Pete Connolly: Was $1.89 million compared with $3 three $9 million in the year ago period.
The decrease.
Pete Connolly: Our cash burn rate of 44%.
Pete Conley: During the quarter, the company continued to make adjustments to its fixed expenses and the impact of those adjustments have significantly reduced our monthly burn rate.
Pete Connolly: During the quarter the company continued to make adjustments suits fixed expenses and the impact of those adjustments have significantly reduced our monthly burn rate.
Pete Conley: Given the significant reduction in fixed expenses, the company believes that it has enough cash and flexibility in operating expenses to operate until April 30, 2025. As we have stated in our Q1 Fiscal 25-10Q, we expect to raise additional funds to the issuance of equity, preferred stock, and or convertible debentures. Finally, shareholder equity for Q1 fiscal 2025 was a negative 3.91 million versus a negative 3.16 million in fiscal 2024 ending September 30, 2024. We're taking steps to address our negative shareholder equity through the conversion of convertible debt to equity, as well as new equity issuances, as previously mentioned.
Pete Connolly: Given the significant reduction in fixed expenses. The company believes that it has enough cash and flexibility in operating expenses to operating until April 32025.
Pete Connolly: As we have stated in our Q1 fiscal 'twenty five 10-Q, we expect to raise additional funds and the issuance of equity preferred stock and or convertible debentures.
Pete Connolly: Finally shareholder equity for Q1 fiscal 2025 was negative $3 nine 1 million versus a negative 3.16 million in fiscal 2024, ending September 32024.
Pete Connolly: We're taking steps to address our negative shareholder equity through the conversion of convertible debt to equity as well as new equity issuances. As previously mentioned that concludes my review of our financial highlights and I'll return the call to Ron for closing remarks, Brian.
Pete Conley: That concludes my review of our financial highlights, and I'll return the call to Ron for closing remarks.
Ron Erickson: Ron? Thanks, Pete.
Ron Ericsson: Thanks, Pete has already mentioned, we won't have a Q&A session. As this earnings call is prerecorded the conference call replay will be available on our website in the coming days in the meantime, thanks to all of you for joining US today, there's a lot to look forward to in 2025, and we're excited to report on our progress we approve.
Ron Erickson: As already mentioned, we won't have a Q&A session as this earnings call is prerecorded. The conference call replay will be available on our website in the coming days. In the meantime, thanks to all of you for joining us today. There's a lot to look forward to in 2025, and we're excited to report on our progress. We appreciate your support, you, our shareholders, and the efforts of our employees, board members, advisors, and strategic partners.
Ron Ericsson: Eight your support you our shareholders and the efforts of our employees Board members advisors and strategic partners I want to thank all of you and have a great dates all the very best.
Ron Erickson: I want to thank all of you and have a great day. All the very best.
Ron Ericsson: Okay.
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