Our strategic collaboration with recent partners and representatives specializing in the industry positions SteraMist iHP to market and sell this product line effectively. The past 2 months have been marked by significant activity, and I am optimistic that the efforts invested will yield positive awareness by the end of this year, with an even greater impact anticipated in the coming years. Our ongoing partnership with Solaris, as highlighted in the press release from the previous quarter, continues to be of significant importance. I’m pleased to share that we are gearing up to advance the Phase 4 of our collaboration. We anticipate unveiling further details, so I encourage everyone to stay tuned for this upcoming announcement. In the current quarter, we initiated discussions with engineers and scientists of another stem cell company based in New England.
This company, currently in the design phases of a cell therapy device, is exploring the integration of iHP as its decontamination method. This presents another promising prospect for a collaboration in the realm of long-term integration. While quarter three presented timing challenges on the revenue front, we made significant achievements in acquiring new customers, particularly within the industry closely monitored by our shareholders, that is, food safety. Notably, we successfully sold our SteraPak to Simplot, a leading international food and agricultural company headquartered in Boise, Idaho. Simplot known for innovations in plant nutrition and food processing is currently incorporating the SteraPak into potato-related processes in Idaho, with plans for expansion to other facilities.
We have collaborated on drafting their initial sanitation standard operating procedure. Additionally, our SteraPak found significance with other notable clients, including Purina Nestlé for pet food manufacturing, and Mayorga Coffee, who allow TOMI to heavily promote their use of the SteraPak in their facility. In Michigan, our deformed wing virus study has generated interest in a group of professional keepers. We will soon be traveling to the group to assist in its effort to save the bees through the application of our SteraPak, marking a meaningful contribution to environmental sustainability. These accomplishments underscore the diverse applications and positive outcomes associated with our innovative solutions. The recent collaboration with Vizient GPO holds promise for expansion in the healthcare sector.
The variety of well-established partners ranging from the collaboration with design and engineering groups of pharmaceutical facilities to the decades of expertise and enclosure decontamination representation, combined with our new product lineup, positions SteraMist iHP for significant growth, especially in the life sciences. Our association with Patty Olinger, a renowned figure and Biorisk security and industry leader for commercial service providers, is anticipated to refresh the TOMI Service Network or TSN members and enhance our commercial division. Additionally, the recent additions to our customer base in the food safety sector, acting as referrals for our technology, marked first-time progress for us. I appreciate your patience, and I’m encouraged that our strategic initiatives position the company to drive sustained revenue growth in the near-term.
I thank you all for your continued support, and now I turn the call over to our CFO, Nick Jennings.
Nick Jennings: Thank you, E.J., and good afternoon, everyone. I’ll provide a brief overview of our financial results for the third quarter of 2023 compared to the same prior year period. For the 3 months ended September 30, 2023 compared to September 30, 2022, our consolidated net revenue was $1.047 million, compared to $1.76 million. Consolidated gross profit was 55% compared to 61%. The decline in our gross profit was due to our product mix and sales. The consolidated operating loss was $901,000 compared to $654,000. Our consolidated net loss was $901,000 or $0.05 per basic and diluted share compared to $653,000 or $0.03 per basic share. Adjusted EBITDA was a loss of $807,000 compared to a loss of $571,000. A table reconciling adjusted EBITDA to the appropriate GAAP financial measure is included in today’s press release.
Moving on to the balance sheet. As of September 30, 2023, our cash and cash equivalents were approximately $1.4 million, working capital was $6.9 million and shareholders’ equity was $9.5 million. Now I’d like to turn the call back over to Dr. Halden Shane.
Halden Shane: Thank you, Nick. As I hope you have garnered from our remarks, a key strategic shift in our business this year has been the establishment of a robust partner and reseller network to more efficiently expose our product to the right customers. A few years ago, I tried to establish Vice Presidents of Sales to head up each vertical, and this was just a mistake and cost us valuable time. That being said, we learned from it, and E.J. and the team have done an amazing great job building a sales and distribution network that can help us scale TOMI to be a much larger company. It is my belief that we are poised to move through to profitability in the fourth quarter. And if we execute, we should be able to drive sustained profitability going forward.
Thank you all for joining us today and for the unwavering support as investors and followers of our company. A big thank you to our team around the world who has laid the foundation for our company to become the world’s leader in the disinfection decontamination space. It is the right time in place to unseat the competition, vaporized hydrogen peroxide, whose technology is at least 33 to 53 years old. We now open the Q&A part of the call. Operator, let’s open the call to questions, please.
