SenesTech, Inc. (NASDAQ: SNES) reported Q1 EPS of ($1.69), $0.23 worse than the analyst estimate of ($1.46).

Financial Results Highlights

• Revenue during the first quarter of 2020 was $37,000 compared to $19,000 in the year ago first quarter.
• On a GAAP basis, net loss for the first quarter of 2020 was $(2.3) million, compared with a net loss of $(2.4) million for first quarter of 2019.
• Adjusted EBITDA loss, which is a non-GAAP measure of operating performance, for the first quarter of 2020 was $(2.1) million versus $(2.0) million in the first quarter of 2019.
• Subsequent to the end of the first quarter of 2020, the Company closed an approximately $5.0 million public offering priced at-the-market under Nasdaq rules, and entered entered into a loan agreement in an aggregate principal amount of $645,700 pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act. Cash at the end of the first quarter of 2020, together with the loan and the net proceeds from the public offering, was $6.4 million.

Ken Siegel, CEO of SenesTech, commented, "We are working through the impact of COVID-19, which has presented challenges, especially to our field work and direct sales. We have been particularly challenged by our field research and sales teams' inability to directly interact with customers, including a number of project locations within the poultry, municipal, and retail segments. In terms of opportunities, we successfully launched our direct-to-consumer model towards the end of the first quarter. We plan to leverage this sales tool quickly and expand adoption of ContraPest in the DIY market, while also resuming our field efforts as COVID-19 restrictions ease."

"At the same time, we note a renewal of attention on public health and finding solutions to reduce vectors of disease transmission, such as rats. We expect that this surge in awareness will lead to more customers looking for solutions that can effectively address rodent control," Mr. Siegel concluded.

In response to the uncertainty created by the novel coronavirus (COVID-19), the Company implemented a number of operational safeguards and greatly reduced business travel and in-office presence. In addition, our non-employee directors and executive officers agreed to a 25% reduction in cash compensation. The Company will continue to evaluate the impact from the global pandemic and determine what further steps will be appropriate.

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