Luminar Media Group/ Fortun Reports 3rd Quarter Results, Surpassing Forecasts and Demonstrating Impressive Growth

Rhea-AI Summary

Luminar Media Group (OTCMARKETS: LRGR), a small business revenue-based finance company focusing on Hispanic and minority-owned businesses, has released its Q3 2024 financial results, surpassing forecasts across key metrics. Highlights include:

- Funding Volume: $1,138,000 (exceeded forecast of $1,108,700)
- Receivables: $1,428,281.47 (surpassed forecast of $1,650,963)
- Revenue: $307,211.00 (exceeded forecast of $298,540)
- Total Assets: $1,926,507 with $498,226.39 cash on hand

The company funded 169 deals in Q3, with an average deal size of $6,733. Fortun has expanded to 17 states, with Florida accounting for 76% of total funding. Despite Hurricane Helene's impact on Florida in late September, the company met all its quarterly goals and remains focused on supporting underserved small businesses.

Positive

• Exceeded Q3 2024 forecasts for funding volume, receivables, and revenue
• Significant month-over-month growth in funding: 51% in August and 25% in September
• Expanded operations to 17 states, serving 35 industries
• Strong cash position with $498,226.39 on hand

Negative

• Hurricane Helene impacted deal flow in Florida, the company's largest funding market

MIAMI, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Luminar Media Group, Inc. (OTCMARKETS: LRGR), a small business revenue-based finance company with a focus on Hispanic and minority-owned businesses, has released its financial results for the 3rd Quarter of 2024. The report highlights substantial growth across key financial and operational metrics, further solidifying Fortun's expanding presence in providing essential capital to underserved markets.

Key Financial Highlights for Q3 2024:

• Funding Volume:
  • Q3: $1,138,000
  • Forecasted: $1,108,700
  • Result: Surpassed Forecast
• Receivables:
  • End of Q3: $1,428,281.47
  • Collected Receivables Q3: $352,729.33
  • Forecasted: $1,650,963  
  • Result: Surpassed Forecast
• Revenue:
  • Q3: $307,211.00
  • Forecasted: $298,540 (Commission and Fee Income)
  • Result: Surpassed Forecast
• Assets:
  • Total Assets End of Q3: $1,926,507
  • Cash on Hand: $498,226.39

Funding Metrics:
                 o   July: $258,700
                 o   August: $389,700 (51% MoM Growth)
                 o   September: $489,600 (25% MoM Growth)
                 o   Number of Deals Funded in Q3: 169
                 o   Average Deal Size: $6,733
                 o   Total States Funded Since Inception: 17 (76% of total funding-Florida)
                 o   Industries Served: 35
                 o   Top 3 Industries: Trucking/Transport: 23.34%-Construction:18.14% -Auto Sales/Repair: 13.2%

Strategic Outlook

Fortun remains focused on creating long-term value as it expands its funding operations with a particular emphasis on Hispanic-owned and underserved small businesses. With strong financial results and an expanding operational footprint, the company is well positioned to capitalize on continued growth opportunities as it heads into the final quarter of 2024.

“Our 3rd Quarter results highlight the continued success of our core funding strategies and our commitment to delivering results for our shareholders,” said Yoel Damas, Chairman and President. “We believe these numbers would have been even stronger if not for Hurricane Helene, which impacted Florida—our largest funding market—in the last week of September, affecting our deal flow as the state dealt with the storm’s devastating effects. Despite these challenges, we are proud to announce that we met all our goals for the quarter and remain committed to supporting Floridians as they rebuild. Our thoughts and prayers are with all those affected by this horrific storm. We look forward to a strong finish to the year and continued growth as we move into the fourth quarter.”

About Luminar Media Group, Inc.

Luminar Media Group, Inc., headquartered in Miami, Florida, is a pioneering fintech company providing tailored financial solutions to underserved communities, particularly Latino and minority-owned enterprises. Through its subsidiaries, FortunCo and Fortun Advance, the company empowers small businesses by offering the funding they need to thrive.

Forward-Looking Statements

This release contains forward-looking statements that reflect Luminar Media Group's current strategies and expectations for future performance. Actual results may differ materially due to various risks and uncertainties. Investors should review the company’s filings with the SEC for further information.

The financial data presented herein is subject to review by our independent accountants and may be adjusted prior to final reporting. Please note that the information provided is preliminary and should not be considered final until it has undergone the complete review process.

For more information, please contact:
Robert Rico
Investor Relations
Phone: 305-283-9237
Email: Robert@Fortunco.com
Follow us on X: @FortunCorp

FAQ

What was Luminar Media Group's (LRGR) funding volume for Q3 2024?

Luminar Media Group's (LRGR) funding volume for Q3 2024 was $1,138,000, surpassing the forecasted amount of $1,108,700.

How many deals did Luminar Media Group (LRGR) fund in Q3 2024?

Luminar Media Group (LRGR) funded 169 deals in Q3 2024, with an average deal size of $6,733.

What was Luminar Media Group's (LRGR) revenue for Q3 2024?

Luminar Media Group's (LRGR) revenue for Q3 2024 was $307,211.00, exceeding the forecasted amount of $298,540.

How many states does Luminar Media Group (LRGR) operate in as of Q3 2024?

As of Q3 2024, Luminar Media Group (LRGR) operates in 17 states, with Florida accounting for 76% of total funding.