Why did CLDI's EPS remain flat in recent quarters?

The earnings per share (EPS) of Calidi Biotherapeutics (CLDI) remained flat in recent quarters due to a combination of factors:

1. **Revenue Recognition**: The company did not report any revenue for the quarter in which the EPS was reported. This absence of revenue contribution negatively impacted the EPS, making it difficult for the company to demonstrate earnings growth despite operational efficiency.
2. **High Expenses**: The company has high expenses related to research and development, which are not yet resulting in revenue. These expenses are a significant burden on the company's financial performance, leading to a decline in profit margins and, consequently, EPS.

In summary, the flat EPS of CLDI can be attributed to the lack of revenue recognition and high expenses.