Nogin, a trailblazer in Commerce-as-a-Service, found itself on the receiving end of a notice from The Nasdaq Stock Market’s Listing Qualifications Staff on November 16, 2023. The notice highlighted the company’s non-compliance with Nasdaq Listing Rule 5250(c)(1), citing the failure of Nogin to promptly submit the Quarterly Report on Form 10-Q for its third quarter concluded on September 30, 2023, to the Securities and Exchange Commission (SEC). This regulatory hiccup has since triggered a downward trend in Nogin’s stock performance.
Following this regulatory disclosure, Nogin swiftly unveiled its earnings report for the third quarter and the cumulative nine months concluding on September 30, 2023. Despite this effort at transparency, the company’s stock experienced a decline in the wake of these revelations.
At the time of this publication, Nogin Inc stock (NOGN) has witnessed a decline.
Current Price: $0.21
Change : -0.09
Change (%): (-29.97%)
Source: Tomorrow Events Market Data
For the third quarter of the fiscal year, Nogin disclosed a notable downturn in key financial metrics compared to the corresponding period in the previous year. Sales for Q3 were reported at USD 0.722 million, marking a substantial decrease from the USD 2.32 million recorded a year ago. Similarly, revenue for the quarter plummeted to USD 10.9 million, a stark contrast to the USD 20.97 million reported in the same period last year. The net loss for the quarter stood at USD 14.24 million, down from the USD 28.9 million incurred a year ago. Basic loss per share from continuing operations was USD 1.28, a significant decline from the USD 11.58 reported in the third quarter of the previous fiscal year. Diluted loss per share from continuing operations mirrored this trend, standing at USD 1.28 compared to USD 11.58 a year ago.
Zooming out to the nine-month horizon, Nogin’s financial performance exhibited a broader decline. Sales for the nine months ending on September 30, 2023, were reported at USD 2.4 million, down from the USD 9.32 million recorded in the corresponding period a year ago. Revenue for the cumulative nine months decreased to USD 40.32 million, compared to the USD 66.52 million reported a year ago. The net loss for this extended period amounted to USD 35.97 million, showing a decline from the USD 49.81 million reported a year ago. Basic loss per share from continuing operations for the nine months stood at USD 4.31, in contrast to the USD 23.12 reported in the same period last year. Diluted loss per share from continuing operations echoed this downward trajectory, standing at USD 4.31 compared to USD 23.12 a year ago.
The dual impact of non-compliance with Nasdaq regulations and the disappointing financial results has evidently taken a toll on Nogin’s standing in the market, with its stock witnessing a decline post-announcement. Investors and industry analysts will likely be closely monitoring the company’s next moves as it navigates these challenges and works towards regaining market confidence.