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- **Revenue Surge**: Q3 2025 revenue jumped 43% YoY to $690,000, driven by evolved products (85% of sales) and e-commerce (54% of revenue). Amazon sales grew double-digit monthly.
- **Profitability Path**: Adjusted EBITDA loss of $1.2 million (best in company history) and $10 million cash balance suggest a path to profitability without equity raises.
- **Strategic Partnerships**: Lowe’s.com launch and potential brick-and-mortar trials, plus New Zealand regulatory approval, expand global reach.
- **Operational Efficiency**: OPEX down 12% sequentially, excluding one-time legal costs, with new automated facility boosting production capacity.
- **Growth Drivers**: PMP sales up 72% sequentially, municipal deployments in NYC and Chicago, and 254% YoY retail growth highlight diversification across channels.

**【Management Opening Remarks】**
- Robert Blum provided procedural instructions and highlighted the forward-looking nature of the discussion, emphasizing the risks associated with future projections.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q3 2025 revenue reached $690,000, up 43% YoY and 10% sequentially, driven by evolved product sales (85% of total revenue) and e-commerce (54% of revenue). Amazon sales grew double-digit monthly.
- **Lowe’s Partnership**: Products launched on Lowe’s.com, with discussions for brick-and-mortar trials in ~100 stores by Q2 2026.
- **Operational Efficiency**: OPEX down 4% YoY and 12% sequentially, excluding $100,000 in one-time legal expenses. Adjusted EBITDA loss improved to $1.2 million, the best in company history.
- **New Facility**: Moved to a larger, automated Phoenix facility to support production capacity for future growth.
- **Diverse Channel Growth**: Retail sales up 254% YoY (Ace Hardware expansion), municipal sales up 139% YoY (Chicago, NYC trials), and PMP sales up 72% sequentially.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Evolved: $589,500 (77% YoY growth)
  - ContraPESS: $100,500 (31% YoY decline)
  - E-commerce: $372,600 (55% YoY growth)
  - PMPs: $131,100 (29% YoY growth)
- **Gross Margins**: 63% (unchanged YoY), driven by evolved’s higher margins.
- **Cash Position**: $10 million at quarter-end, sufficient to bridge to profitability without equity raises.
- **Legal Expenses**: $100,000 related to litigation with Levitech, which CFO characterized as baseless.

**【Q&A Key Highlights】**
- **Lowe’s Brick-and-Mortar Expansion**: Testing 100 stores in Q2 2026, with focus on evolved’s efficacy in retail settings.
- **PMP Channel Momentum**: 20% of Q3 revenue, up 72% sequentially, with a major theme park entering its third month of orders.
- **International Progress**: New Zealand approval secured; 18 exclusive distributors pursuing approvals in 18+ countries.
- **Price Strategy**: Maintaining current pricing (~mid-pack vs. rodenticides), with flexibility for large-volume discounts.
- **Field Trials**: Positive results in Somerville and Cambridge trials, with orders expected post-validation.


SenesTech, Inc. (SNES) Q3 2025 Earnings Call Transcript

- **Revenue Record**: Q2 2025 revenue of $625k (+36% YoY) driven by 94% growth in Evolve sales (83% of total). 
- **E-commerce Dominance**: 56% of sales via e-commerce, up 78% YoY, with Amazon leading 10-15% MoM growth.
- **Municipal Breakthrough**: NYC trial achieved 100% field consumption, with 538% YoY growth in municipal sales.
- **Manufacturing Scale**: $10M+ annual production capacity in new Phoenix facility, with $300k needed for NYC expansion.
- **Breakeven Path**: Target $6.5M revenue for cash flow breakeven by late 2026, supported by 65%+ gross margins.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q2 2025 revenue reached $625,000, up 36% year-over-year and 29% sequentially, driven by 94% growth in Evolve sales (83% of total revenue). 
- **Evolve Dominance**: Evolve now accounts for 83% of revenue, with 65%+ gross margins. E-commerce sales (56% of total) grew 78% YoY, led by Amazon. Brick-and-mortar sales surged 500% QoQ to $65,000 via Bradley Caldwell partnership.
- **Municipal Expansion**: Municipal sales jumped 538% YoY, with successful trials in NYC, Chicago, Baltimore, and SF. NYC deployment achieved 100% Evolve consumption in field tests.
- **International Momentum**: 15+ countries signed for Evolve, including Caribbean reorders and pending approvals in Australia/New Zealand. Largest amusement park placed multi-pallet order after 9-month trial.
- **Agricultural Potential**: 20% of global food lost to rodents; trials in sugarcane, almond orchards show promise for non-toxic rodent control.

**【CFO Financial Commentary】**
- **Gross Margin Expansion**: 65.4% gross margin (vs. 54.2% Q2 2024), with $409k gross profit (64% YoY growth). New Phoenix facility enables $10M+ annual production capacity.
- **OpEx Management**: Reduced cash burn to $1M/quarter target, with $6.1M cash on hand (plus $6.3M August warrant exercise). 
- **Share Dilution**: 5.3M shares outstanding post-August warrant exercise; 2.2M short-term warrants at $5.25 strike.
- **Breakeven Path**: Projected $6.5M revenue needed for cash flow breakeven, achievable by late 2026 with current growth trends.

**【Q&A Highlights】**
- **Gross Margin Outlook**: Margins expected to stabilize near 65%, with potential upside from scale.
- **E-commerce Acceleration**: Planning digital marketing spend to drive 10-15% MoM Amazon growth.
- **Manufacturing Scale**: $300-400k needed for additional production lines to support NYC-scale deployments.
- **Hiring Plan**: Adding sales reps, field trial staff, and manufacturers' reps for retail channel expansion.
- **Capital Raise Update**: No further warrant exercises planned; ATM inactive due to sufficient liquidity.
- **Trial Pipeline**: Active trials in agriculture, international markets, and major cities not yet disclosed.

SenesTech, Inc. (SNES) Q2 2025 Earnings Call Transcript

- **Evolve Dominance**: Q1 Evolve revenue up 40% YoY, gross margin 65% (vs. 33% last year), driving 132% gross profit growth.
- **Ecommerce Surge**: 107% YoY sales growth, now 61% of total revenue via Amazon, Walmart, and Tractor Supply.
- **International Expansion**: 12-country agreements, $50K+ Q4 shipments, pending orders for Australia/New Zealand.
- **Cost Efficiency**: $2M annual savings reduce breakeven threshold to $7M/year, with Q1 operating expenses flat YoY.
- **Municipal Momentum**: Deployments in NYC, Chicago, Baltimore, and San Francisco Pestec partnership.


**【CEO Summary Section】**
- **Evolve Product Growth**: Q1 Evolve revenue increased 40% YoY, driven by municipal deployments (e.g., Chicago, New York) and ecommerce expansion. Gross margin rose to 65% from 33% last year, with gross profit up 132%.
- **Market Expansion**: Signed agreements in 12 countries, including Indonesia and Philippines. International shipments in Q4 exceeded $50,000, with pending orders for Australia and New Zealand.
- **Ecommerce Success**: Ecommerce sales grew 107% YoY, now accounting for 61% of total revenue. Evolve is available on Amazon, Walmart, and Tractor Supply.
- **Operational Efficiency**: Implemented $2M annual cost savings initiatives, reducing cash flow breakeven threshold to $7M annually.

**【CFO Financial Commentary】**
- **Q1 Financials**: Total revenue $485,000 (+17% YoY), with Evolve contributing 79% of sales. ContraPest sales declined 40% as focus shifts to Evolve.
- **Gross Margin**: 64.5% vs. 32.5% last year, driven by Evolve’s higher margins. Sequential improvement from 60.9% in Q4.
- **Cost Optimization**: $2M annualized expense reductions include pausing new product development and in-house functions. Q1 operating expenses flat YoY.
- **Liquidity**: Completed $1M warrant financing and $1M ATM raise, extending cash runway without need for large public offerings.

**【Key Developments】**
- **Municipal Deployments**: New York City pilot program underway, Chicago Wicker Park deployment with media coverage. Orders from Baltimore, LA County, and Waukesha, WI.
- **Pestec Partnership**: Large-scale deployment in San Francisco, with team support for initial rollout.
- **International Pipeline**: Regulatory approvals pending in Australia, New Zealand. Hong Kong, UAE, Maldives, and Netherlands have placed initial orders.
- **Retail Progress**: ACE Hardware orders from regional distribution centers, with potential brick-and-mortar expansion tied to ecommerce success.


SenesTech, Inc. (SNES) Q1 2025 Earnings Call Transcript

- **Record Q4 Growth**: 70% YoY revenue increase to $501K, fueled by 206% e-commerce surge and 365% jump in Evolve Rat sales.
- **Profitability Pathway**: $2M annualized cost savings and 61% gross margin reduce breakeven threshold to $1.5M/quarter.
- **Municipal Breakthrough**: NYC orders $100K+ of Evolve Rat for pilot program, with potential city-wide rollout.
- **New Market Expansion**: Penetrated warehouse sector with major Midwest order and signed 10 international distribution deals.
- **Funding Secured**: $5M strategic financing to accelerate growth initiatives and achieve cash flow breakeven.

**【CEO Summary Section】**
- Q4 2024 revenue surged 70% YoY to $501,000, driven by 206% e-commerce growth and 365% increase in Evolve Rat sales.
- Gross margin improved to 61% (vs. 44% prior year), with Evolve products now accounting for 65% of revenue.
- Launched municipal programs in NYC, Baltimore, Chicago, and Boston, with NYC ordering $100k+ of Evolve Rat for pilot deployment.
- Expanded into warehouse/distribution sector with a major Midwest order and signed 10 international distribution agreements (e.g., India, UAE, Australia).
- Announced $2M annualized cost savings through paused R&D, in-house functions, and commission-based sales models.
- Targeting $1.5M quarterly revenue threshold for cash flow breakeven, up from $12M historical threshold.

**【CFO Financial Commentary】**
- FY2024 revenue grew 56% to $1.9M, with Evolve Rat/Mouse contributing 65% of sales (vs. 0% in 2023).
- E-commerce channel now 55% of Q4 revenue, up from 18% in 2023.
- Implemented $1M/quarter cost reduction plan (30% OpEx decline) via:
  - Pausing new product development
  - In-sourcing marketing/IP/regulatory functions
  - Shifting to commission-only sales
- Secured $5M strategic financing (warrant repricing) to fund growth initiatives.
- Moved to new 5-year manufacturing facility in Phoenix to support scaling.

**【Q&A Highlights】**
- NYC pilot program: Initial deployment in 10-block areas, with potential city-wide expansion based on success metrics.
- Warehouse sector: Major Midwest order reflects demand for humane alternatives to poison in food storage facilities.
- E-commerce strategy: Google Ads and Amazon optimization driving 206% Q4 growth; tractorupply.com listing launched in Q1.
- Dispenser adoption: Lure bait dispenser orders surged 1000% at recent Ace Hardware show, enabling use in hard-to-reach areas.
- 2025 outlook: Regulatory approvals and field trials completed in 2024 will enable rapid scaling in 2025.


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