Scorpius Holdings Increases Q1 YoY Revenue 359%

DENVER, Colo., May 29, 2024 (247marketnews.com)- Scorpius Holdings, Inc (NYSE:SCPX) reported its first quarter 2024 financial results and other updates.

Its first quarter highlights include $3.5 million of process development revenue, compared to $0.7 million for first quarter of 2023. Additionally, it reduced operating expenses by 34% and net loss by 64%.

Jeff Wolf, CEO of Scorpius Holdings, Inc., commented, “We are successfully executing our strategy to enhance revenue and reduce costs as we seek to become cash flow positive in the near future. This quarter is indicative of this goal as we achieved a 359% increase in revenue while reducing operating expenses by 34% over the same period last year. We believe this performance reinforces the growing demand for our services and our prudent financial management. Moreover, we have built a highly scalable business model poised to generate meaningful cash flow as we continue to grow our sales and increase utilization of our state-of-the-art San Antonio campus, which we anticipate will allow us to achieve meaningful operating leverage. We are very confident that the future for Scorpius is brighter than ever, with significant industry-wide capacity shortages, and our growing revenue backlog, which stood at $10.8 million as of March 31, 2024.”

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