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ABSI Nasdaq· Absci Corporation
Earnings report Q3 2023

ABSCI CORPORATION Reports Decrease in Revenue for Latest Quarter

Segments of Revenue

ABSCI CORPORATION reported total revenues of $744 thousand for the three months ended September 30, 2023. This represents a decrease compared to the same period last year, where the company reported revenues of $2.37 million. The breakdown of the revenue segments is as follows:

  • Technology development revenue: $744 thousand
  • Collaboration revenue: $0

Strengths

Despite the decrease in revenue, ABSCI CORPORATION's management highlighted several strengths in their financial performance. The company's technology development revenue remained stable at $744 thousand, indicating a consistent demand for their products and services. Additionally, the absence of collaboration revenue in the current quarter does not necessarily indicate a weakness, as collaboration revenue can be subject to timing and the completion of specific projects.

Challenges

ABSCI CORPORATION faced challenges in terms of their overall revenue performance. The total revenues for the latest quarter decreased to $744 thousand from $2.37 million in the same period last year. This decline can be attributed to various factors, such as changes in market conditions, delays in project completion, or a decrease in customer demand. The company's management should closely monitor these challenges and implement strategies to mitigate their impact on future revenue growth.

Noteworthy

It is worth noting that ABSCI CORPORATION's operating loss improved in the latest quarter compared to the same period last year. The operating loss decreased from $27.97 million to $23.30 million. This improvement can be attributed to the company's efforts in managing operating expenses, including research and development, selling, general and administrative expenses, and depreciation and amortization.

Summary

ABSCI CORPORATION reported a decrease in revenue for the latest quarter, with total revenues amounting to $744 thousand. The company's technology development revenue remained stable, indicating a consistent demand for their products and services. However, the absence of collaboration revenue and the overall decrease in total revenues pose challenges for the company. Despite these challenges, ABSCI CORPORATION's management highlighted the improvement in operating loss, showcasing their efforts in managing expenses. Moving forward, the company should focus on addressing the factors contributing to the decline in revenue and implementing strategies to drive future growth.

Source documents

Form 10-Q  filed on Nov 14, 2023
11 pages scanned

Reference data

Company financials Q3 revenue 898k
Analyst estimates Q3 EPS missed by -0.90%
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