0001628280-26-017384
SEC filingSenesTech, Inc. reported FY 2025 total revenues of $2.2 million, a 20% increase from $1.9 million in FY 2024, driven by strong growth in its Evolve product line, which now represents 81% of total revenue. Gross profit improved to $1.4 million with a gross margin of 62.5%, up from 54.1% in the prior year, reflecting favorable product mix and improved manufacturing economics. However, the company incurred a net loss of $6.4 million, slightly higher than the $6.2 million loss in FY 2024, as operating expenses increased to $7.9 million. Cash and cash equivalents ended the year at $7.6 million, bolstered by $13.1 million in net financing proceeds from warrant exercises and equity issuances. Management expects current cash, combined with anticipated revenue, to fund operations through approximately Q2 2027, assuming continued execution of its commercialization strategy.
SenesTech reported FY 2025 total revenues of $2.2 million, representing a 20% increase from $1.9 million in FY 2024. This growth was primarily driven by the Evolve product line, which launched in January 2024 and now constitutes 81% of total revenue ($1.8 million), up from 66% ($1.2 million) in the prior year. The company incurred a net loss of $6.4 million, slightly higher than the $6.2 million loss in FY 2024, as operating expenses increased to $7.9 million from $7.3 million. Gross profit improved to $1.4 million with a margin of 62.5%, compared to $1.0 million and 54.1% in FY 2024, reflecting the favorable economics of Evolve products and improved manufacturing throughput.
Revenue growth was entirely attributable to the Evolve product family, which saw sales increase by $580,000 (47%) year-over-year to $1.8 million. This growth occurred across all major distribution channels, led by e-commerce, pest management professionals, and retail expansion. Conversely, ContraPest revenue declined by $216,000 (34%) to $0.4 million, as the company noted limited erosion of demand is expected to continue as Evolve products gain market acceptance. The company has begun marketing Evolve products internationally through distributors and announced availability on retailer e-commerce sites, viewing this as an important step toward broader brick-and-mortar retail availability.
The gross margin expansion to 62.5% from 54.1% was driven by the shift in product mix toward higher-margin Evolve products and improved manufacturing costs. Cost of sales decreased to $833,000 (37.5% of revenue) from $853,000 (45.9% of revenue) in FY 2024. Operating expenses increased to $7.9 million from $7.3 million, with selling, general and administrative expenses rising to $6.2 million (including $631,000 in legal fees related to an ongoing matter) from $5.5 million, while research and development expenses remained relatively flat at $1.7 million. The loss from operations was $6.5 million, compared to $6.2 million in the prior year.
Net cash used in operating activities was $5.8 million in FY 2025, an improvement from $6.0 million in FY 2024. The company generated $13.1 million in net cash from financing activities, primarily from $10.5 million in warrant exercises and $2.7 million from common stock issuance. Cash and cash equivalents ended the year at $7.6 million, with total current assets of $10.1 million and total assets of $12.8 million. Total liabilities were $3.3 million, resulting in stockholders' equity of $9.6 million. The company had an accumulated deficit of $142.5 million as of December 31, 2025.
Management expects that cash and cash equivalents and short-term investments as of December 31, 2025, in combination with anticipated revenue, will be sufficient to fund current operations through approximately the second quarter of 2027. This estimate assumes continued execution of the current commercialization strategy, planned levels of operating expenses, and no significant changes in working capital requirements. The company continues to evaluate various financing alternatives, including equity offerings under its existing ATM program, strategic partnerships, and other capital-raising transactions. Near-term priorities include further scaling the Evolve product family, expanding e-commerce and retail and professional distribution channels, and strengthening the path to profitability.