SenesTech, Inc. (NASDAQ:SNES) Q1 2024 Earnings Call Transcript

SenesTech, Inc. (NASDAQ:SNES) Q1 2024 Earnings Call Transcript May 10, 2024

SenesTech, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good day and welcome to the SenesTech Inc. Reports First Quarter Fiscal Year 2024 Financial Results Conference Call. All participants will be in a 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 with Lytham Partners. Please go ahead.

Robert Blum: All right. Thank you very much Chad and thank you to everyone for joining us on today's call. As the operator indicated for SenesTech's First Quarter 2024 financial results for the period ended March 31, 2024. With us on the call today are Mr. Joel Fruendt, the company's Chief Executive Officer; Mr. 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. [Operator Instructions] 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 oof 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 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 the company's filings with the Securities and Exchange Commission. All forward-looking statements contained during this conference call speak only as of the date in 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; for SenesTech. Joel, please proceed.

Joel Fruendt: Thank you, Robert. Good afternoon, everyone. Thank you for joining us today for our Q1 conference call. I certainly couldn't be more pleased to be speaking with you today, given all the positive developments going on with the company. So let me jump right into it. During the first quarter, we reported record revenue of $415,000, an increase of 78% compared to the first quarter of last year. This was also a 41% increase sequentially from the fourth quarter of 2023. Key driver has been the introduction of Evolve, our all-new soft bait product launched in January of this year, which has quickly become the company's biggest selling product contributing more than 50% of first quarter revenue. As a reminder, Evolve is an EPA designated minimum risk product and brings three key benefits to the marketplace: one, a shelf life of one year plus, so it is an excellent rodent control product for distribution.

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