And we are in negotiations with big box retailers and key e-commerce providers with a goal to develop partnerships that will dramatically increase the adoption of the Evolve solution. For example, we have initiated the process with Amazon. With respect to big box retailers, we already have shelf space for Isolate at a group of Ace Hardware stores, so we expect to move quickly into big box with Evolve. With a competitive price point and a format they are accustomed to, we believe we have a recipe that will set SenesTech up for tremendous success in the future. The introduction of Evolve continues SenesTech’s recent string of innovative products offerings that were designed to provide customers with the effectiveness of fertility control in the format that fits their needs.
In July 2023, the Isolate Bait System was launched as a more efficient and easier-to-use bait system, which integrates both the tank and tray as a single unit. At present, Isolate represents nearly a third of all unit sales despite only being introduced in late August. Last year, the company introduced Elevate, an easily deployed system for mounting in the rafters of barns, granaries, attics, lofts, and storage and manufacturing facilities. Year-to-date, nearly 5,500 Elevate systems have been deployed in various agricultural settings. Product innovation is key to our future success and I am pleased with the tremendous progress we have made on this front. To wrap things up before I turn it to Tom to run through the financials, we continue to execute on the three key imperatives I have outlined to drive success in SenesTech with the goal of steepening the adoption curve.
One, we’re delivering to our new and existing customers flawless products that work every time while providing more product options that fit their needs. With Isolate recently launched, Evolve shipping shortly and a product development team that is already at work with over 25 potential development progress — projects in progress, we are certainly achieving our objectives. Two, we will penetrate and grow our targeted markets with a structured sales force, enhanced e-commerce platform and improved distribution relationships. These distributors are focused on providing customers and partners value as part of their effective integrated pest management programs. And three, we will make better products. Concurrent with the introduction of Isolate, we have implemented an enhanced formulation that continues product quality in a wide variety of environmental conditions, making great strides in the area of continuous improvement.
I believe we are successfully executing on these imperatives, which should help steepen the adoption curve of SenesTech products and drive long-term value in SenesTech. With that overview, let me turn it over to Tom to review the financials. Tom?
Tom Chesterman: Thank you, Joel. As a reminder to our investors, the press release is available on our website in the Investor Relations section, as will be a recording of this presentation. Further, we expect to file our 10-Q later today, so I’ll just touch on some of the high points right now. Revenue during the third quarter was a new quarterly record of $360,000, compared to $250,000 in Q3 of 2022, an increase of 44%. Sequentially, revenue was up 18% compared to second quarter 2023. Sales growth during the third quarter was led by increases in nearly every key market vertical, including agribusiness, zoos and sanctuaries, and commercial applications. Gross profit during the third quarter was approximately $176,000 or 49% of total revenue, compared to approximately $122,000 or 49% of total revenue in Q3 of last year.
Net loss during Q3 2023 was $1.9 million, compared with a net loss of $2.6 million for Q3 2022. Adjusted EBITDA loss, which is a non-GAAP measure of operating performance, for Q3 was $1.7 million, compared to $2.4 million in Q3 of 2022. Our current goal is to take $1 million out of the annual cash expenses and we’re well on our way to achieving that goal. Cash at the end of September 2023 was $2.1 million. As I’m sure you all are aware, we have filed an S-1 with the FCC to raise up to $7.5 million. In addition, we have warrants that are near enough the money that we may be able to raise cash through the exercise of warrants. Our goal is to raise enough cash to confidently execute our commercial plans, including the launch of a soft bait for a year or more.
With that, let me turn it back over to Joel for remarks and then we will take your questions. Joel?
