OpGen Inc. Reports 52% Revenue Increase to $5.2 Million in 2024, Driven by Listing Sponsorship Services; Product Sales Decline Significantly
Reuters
Aug 22
OpGen Inc. Reports 52% Revenue Increase to $5.2 Million in 2024, Driven by Listing Sponsorship Services; Product Sales Decline Significantly
OpGen Inc. has released its annual financial results for the fiscal year ending December 31, 2024. The company reported a shift in its revenue streams following the acquisition by AEI Capital Ltd. and the establishment of CapForce as a wholly-owned subsidiary. Revenue was generated from CapForce's listing sponsorship and consulting services, marking a change from previous years where product sales and laboratory services were the primary sources. The company did not disclose specific figures for net income or losses. However, it indicated that financing arrangements with AEI Capital Ltd. will be pivotal for future operations. OpGen's repositioned business model also reflects a change in cost structure. The cost of sales now primarily includes subcontractor and advisor fees and technology infrastructure costs. Research and development expenses are focused on developing the digital investment banking platform. Looking ahead, OpGen anticipates continued revenue generation from CapForce's services and plans to strategically use financing opportunities to strengthen its financial position. The company is focused on expanding and innovating within its current business framework.
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