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TOMI Environmental Solutions, Inc. (NASDAQ:TOMZ), a $14.4 million market cap company specializing in industrial organic chemicals, announced the departure of Chief Financial Officer Joe Rzepka on December 11, 2024, due to personal reasons.
Following this change, on Monday, the Board of Directors appointed Nick Jennings as the Interim Chief Financial Officer. According to InvestingPro analysis, the company currently maintains impressive gross profit margins of 60%, though it faces challenges with cash burn.
Nick Jennings, 47, previously held the CFO position at TOMI Environmental from October 2014 to May 2024. Before his return, he provided consulting services to privately-owned companies and was a senior manager at Richardson Kontogouris Emerson (NYSE:EMR) LLP, where he worked with various public and private companies. Jennings holds an accounting degree from Loyola Marymount College and is a member of the American Institute of Certified Public Accountants.
The appointment comes as TOMZ's stock has declined over 31% in the past six months, though InvestingPro data shows the company maintains a strong current ratio of 4.13, indicating solid short-term liquidity.
According to the press release, Jennings will serve as the Interim Chief Financial Officer for a five-month period and will receive a monthly fee of $15,000. The company plans to initiate a search for a permanent CFO promptly.
The company has clarified that there are no familial relationships between Jennings and any director or executive officer of the company, nor are there any reportable transactions between him and the company under Item 404(a) of Regulation S-K.
In other recent news, TOMI Environmental Solutions reported a robust financial performance in its third quarter of 2024, with revenues rising to approximately $2.5 million, marking a 73% increase year-over-year. The company's mobile equipment sales surged by 90%, and its IHP service revenue reached a record $650,000.
In a recent shareholder meeting, the company received approval for a reverse stock split, aimed at maintaining compliance with Nasdaq's minimum bid price requirement. Dr. Lim Boh Soon and Ms. Elissa J. Shane were elected to the Board of Directors, and Rosenberg Rich Baker Berman & Co. were ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
The company's SteraMist Pro Certified program is set to expand service offerings, and the company is confident in the broad applicability of its technology across various industries. No specific financial misses were reported in the earnings call, and the company remains optimistic about future growth with a focus on international expansion and new product launches.
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