Graphjet Technology (GTI) reported QQ2 2024 results with no disclosed revenue for the quarter, but a clear operating loss driven by substantial SG&A and R&D-style expenses. The quarter ended June 30, 2024, shows a negative net income of $2.139 million and an EBITDA of -$2.023 million, reflecting ongoing pre-commercial operations and heavy fixed-cost absorption as the company advances its graphene and artificial graphite production. The cash flow profile remained deteriorated, with operating cash flow of -$1.043 million and free cash flow of -$1.049 million, leaving cash on hand of only $0.088 million at quarter end. The balance sheet is stressed: total liabilities of $14.883 million versus total assets of $7.196 million, culminating in negative stockholders’ equity of -$7.687 million and a net debt position of -$3.929 million. Liquidity metrics are weak (current ratio 0.171; quick ratio 0.171; cash ratio 0.0355), suggesting near-term liquidity concerns absent external financing or a material uptick in revenue. In QQ2 2024, operating losses narrowed QoQ (Operating Income: -$2.133 million vs. Q1’s larger losses) but remained substantial, underscoring the challenge of converting R&D and IP into near-term cash flows. Absent disclosed revenue, the company appears to be in a pre-revenue phase where leverage and cash burn are the dominant near-term themes. Investors should monitor management’s ability to monetize IP, scale production, conserve cash, and secure financing or strategic partnerships to extend runway and enable revenue-generation milestones.