LFTD Partners Inc. Reports Third Quarter 2024 Financial Results

Rhea-AI Summary

LFTD Partners reported Q3 2024 financial results showing significant declines across key metrics. Revenue decreased 34% to $8.69M from $13.11M in Q3 2023. The company recorded an operating loss of $140,703, compared to income of $659,539 in the prior year period. Net loss was $194,399 versus net income of $617,648 year-over-year. Cash position declined 22% to $4.17M, while inventory decreased 4% to $9.75M. Current assets fell 19% to $17.45M, though the current ratio improved to 2.64 from 2.49.

Positive

• Current ratio improved to 2.64 from 2.49
• Notes payable to Surety Bank decreased 10% to $3.48M

Negative

• Revenue declined 34% to $8.69M from $13.11M
• Operating loss of $140,703 vs income of $659,539 year-over-year
• Net loss of $194,399 vs net income of $617,648
• Cash position decreased 22% to $4.17M
• Current assets declined 19% to $17.45M
• Working capital decreased 16% to $10.85M

JACKSONVILLE, FL / ACCESSWIRE / November 15, 2024 / LFTD Partners Inc. ("LFTD Partners" or the "Company") (OTCQB:LIFD), the corporate parent of leading hemp, wellness and energy products maker Lifted Made, today reported its financial results for the third quarter ended September 30, 2024. Financial results are reported in accordance with U.S. generally accepted accounting principles and all currency is in U.S. dollars.

Income Statement - Q3 2024 Compared to Q3 2023:

• Revenue decreased 34% to $8,691,675, down from $13,106,280

• Operating loss was $140,703, compared to income of $659,539

• Net loss was $194,399, compared to net income of $617,648

• Basic loss per share was $0.01 per share, compared to basic income per share of $0.04

• Diluted loss per share was $0.01 per share, compared to diluted income per share of $0.04

• Basic and diluted weighted average shares outstanding for the three months ended September 30, 2024 were both 14,822,678

Balance Sheet - September 30, 2024 Compared to December 31, 2023:

• Cash on hand, which includes $1,000,000 of restricted cash, decreased 22% to $4,174,805, down from $5,357,539

• Inventory decreased 4% to $9,748,937, down from $10,174,667

• Current assets decreased 19% to $17,446,160, down from $21,668,980

• Current ratio increased to 2.64 from 2.49

• Working capital decreased 16% to $10,848,003, down from $12,982,236

• Notes payable to Surety Bank decreased 10% to $3,480,467, down from $3,854,851

Earnings Conference Call and Webcast Information:

LFTD Partners will host an earnings conference call and webcast today, Friday, November 15, 2024 at 8:30 AM ET.

Participant phone numbers:
Toll Free: 877-545-0320
International: 973-528-0002
Participant Access Code: 826050

Webcast event link:
https://www.webcaster4.com/Webcast/Page/2916/51670

The participant phone numbers and webcast event link are shown on the Investor Relations section of LFTD Partners' website at https://www.lftdpartners.com/investors.

The webcast replay will also be available on the Investor Relations section of LFTD Partners' website.

Although attendees will have the opportunity to submit questions during the earnings conference call, attendees are encouraged to submit questions prior to the call by emailing them to: jakejacobs@lftdpartners.com.

About LFTD Partners Inc.

Publicly traded LFTD Partners Inc., Jacksonville, FL (OTCQB:LIFD) is the parent corporation of Lifted Made, Kenosha, WI (www.Urb.shop), which manufactures and sells hemp-derived and other psychoactive products under its award-winning Urb brand, hemp-free health and wellness gummies under its Mielos brand, and hemp-free energy gummies under its Rebel brand. Lifted Made is the worldwide, exclusive manufacturer and seller of Diamond Supply Co. (www.DiamondSupplyCo.com), and Cali Sweets hemp-derived products, and is the exclusive manufacturer and seller in the USA of hemp-derived products for a subsidiary of a large, publicly traded US marijuana company. LFTD Partners Inc. also owns 4.99% of hemp-derived beverage and products maker Ablis (www.Ablis.shop), and of craft distillers Bendistillery Inc. d/b/a Crater Lake Spirits (www.CraterLakeSpirits.com) and Bend Spirits, Inc., all located in Bend, OR. Please read LIFD's filings with the U.S. Securities and Exchange Commission which fully describe our business and the Risk Factors associated therewith. Stay updated with our company news and product launches by subscribing to our newsletters at www.LFTDPartners.com and at www.Urb.shop.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes the operations, financing, growth, performance, products, plans and expectations of LFTD Partners Inc. and Lifted Liquids, Inc. d/b/a Lifted Made and d/b/a Urb Finest Flowers. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to these companies' actual operations, financing, growth, performance, products, plans or results of these companies differing materially from those expressed or implied by the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain other factors, including the risk factors set forth in LFTD Partners Inc.'s filings with the Securities and Exchange Commission. None of the statements contained herein have been approved by the Food and Drug Administration, and none of the products manufactured or sold by Lifted Made are intended to diagnose, treat, cure or prevent any disease. This press release does not constitute an offer to sell common stock or any other securities of LFTD Partners Inc.

Contact Information

Gerard M. Jacobs
Chairman and CEO of LFTD Partners Inc.
(847) 915-2446
GerardMJacobs@LFTDPartners.com

Nicholas S. Warrender
Vice Chairman and COO of LFTD Partners Inc.
(224) 577-8148
CEO@urb.shop

William C. "Jake" Jacobs
President and CFO of LFTD Partners Inc.
(847) 400-7660
JakeJacobs@LFTDPartners.com

SOURCE: LFTD Partners Inc.

View the original press release on accesswire.com

FAQ

What was LFTD Partners (LIFD) revenue in Q3 2024?

LFTD Partners reported revenue of $8,691,675 in Q3 2024, representing a 34% decrease from $13,106,280 in Q3 2023.

Did LFTD Partners (LIFD) report a profit or loss in Q3 2024?

LFTD Partners reported a net loss of $194,399 in Q3 2024, compared to a net income of $617,648 in Q3 2023.

What was LFTD Partners (LIFD) cash position as of September 30, 2024?

LFTD Partners had cash on hand of $4,174,805 as of September 30, 2024, which includes $1,000,000 of restricted cash, representing a 22% decrease from December 31, 2023.