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SURPRISE, Ariz. - SenesTech, Inc. (NASDAQ:SNES), a micro-cap company ($4.42M market capitalization) specializing in animal fertility control, has entered into an exclusive distribution agreement with Indonesian firm Asa Jaya Mandiri LTD (AJM) for its product Evolve™. The company’s stock has shown strong momentum recently, with a 12.44% return over the past week, according to InvestingPro data. This partnership aims to tackle rat infestations in Indonesia’s palm oil plantations, which are estimated to cause annual yield reductions of 5-10%.
Palm oil is a significant agricultural export for Indonesia, with the market valued at roughly USD 10.8 billion in 2024. Consequently, rat-related damages can lead to substantial economic losses, potentially ranging from USD 540 million to USD 1.08 billion each year. Rats are particularly problematic in these plantations due to their rapid reproduction and adaptability to traditional control methods.
AJM, recognized for its specialized pest management services, will distribute Evolve™, SenesTech’s sustainable fertility control product. The agreement includes a significant initial order and annual minimum purchases to maintain exclusivity. This marks SenesTech’s eleventh international distribution contract.
SenesTech has developed ContraPest, the only U.S. EPA-registered contraceptive for both male and female rats, and Evolve, as well as Evolve Mouse, which are EPA-designated minimum risk contraceptives for rodents. These products are designed to integrate into existing pest management programs, aiming to enhance efficacy while being environmentally considerate. The company maintains strong operational efficiency with a 54.07% gross profit margin and healthy liquidity, evidenced by a current ratio of 5.01. Revenue has grown significantly, showing a 55.66% increase in the last twelve months.
AJM, with over a decade of experience, operates a diversified trading business and is committed to high-quality standards in its offerings. The company’s global partnerships allow it to meet the unique needs of its customers.
This press release includes forward-looking statements regarding the impact of rat infestations on palm oil yields, the potential economic losses, and the effectiveness and commercialization of SenesTech’s products. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. For a deeper understanding of SNES’s financial health, growth prospects, and detailed analysis, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert insights and actionable intelligence.
The information in this article is based on a press release statement from SenesTech, Inc.
In other recent news, SenesTech Inc. reported a substantial increase in revenue for the fourth quarter of 2023, highlighting a 70% year-over-year growth, reaching $501,000. The company’s full-year revenue also rose by 56% to $1.9 million. The company’s gross margin improved significantly to 61%, a notable increase from the previous year’s 44%. SenesTech’s strategic focus on expanding e-commerce sales, which grew by 206% year-over-year, has contributed significantly to this growth. The company has also expanded its distribution network to 10 countries, launching its Evolv product line on multiple online platforms. SenesTech is targeting cash flow breakeven with a reduced revenue threshold, aiming for $7 million annually, bolstered by strategic financing that raised $1 million with warrants. The company anticipates further growth through expansion into municipal markets and warehousing sectors. Analyst firm H.C. Wainwright noted the company’s progress and new initiatives, emphasizing the potential for future growth.
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