<a href="https://laohu8.com/S/FMHS">Farmhouse Inc.</a> Reports 73% Revenue Decline in 2024 Due to Discontinued NFT Licensing Business
Farmhouse Inc. released its annual report for the fiscal year ending December 31, 2024, highlighting a significant decrease in revenue. The company reported revenue of $4,154, a stark decline from $15,227 in the previous year. This decrease was primarily attributed to the discontinuation of the NFT licensing business after a major customer went out of business. Operating expenses for the year were reduced to $410,668, compared to $517,843 in 2023. The reduction in operating expenses was mainly due to decreased accounting and professional fees, wages and benefits, and consulting fees. Despite the revenue drop, Farmhouse Inc. continues to focus on managing operating expenses and exploring strategic opportunities to enhance stockholder value. The company had cash and cash equivalents of $413 as of December 31, 2024, compared to $0 at the end of 2023, reflecting improved liquidity. However, the company's working capital deficit stood at $2.334 million. No specific outlook or guidance was provided for future revenue or earnings.
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