MIAMI, FL and LONDON, UK / ACCESSWIRE / November 15, 2024 / MGO Global Inc. (NASDAQ:MGOL), a digitally-native, lifestyle brand portfolio company, ("MGO," "MGO Global" or the "Company"), today announced its third quarter 2024 financial results for the three and nine months ended September 30, 2024.
Financial Highlights
For the nine months ended September 30, 2024, revenues from the sales of the Company's Stand Flagpoles' line of products decreased 6% to $2.66 million as compared to $2.82 million reported for the first nine months of 2023. Revenues for the three-month period ended September 30, 2024 totaled $565,400 - a 46% decrease from $1.05 million reported for the same three months in the prior year.
Gross profit margin improved, rising to 78% from 73% for the comparable nine-month reporting periods in 2024 and 2023, respectively, and increasing to 87% from 78% for the three months ended September 30, 2024 and 2023, respectively.
For the first nine months of 2024 and 2023, net loss attributable to MGO stockholders declined 21% to $3.94 million, or $1.90 loss per share, from $4.99 million, or $3.67 loss per share, respectively. For the three months ended September 30, 2024, net loss attributable to MGO stockholders was $1.31 million, or $0.52 loss per share, representing a 48% improvement when compared to a net loss attributable to MGO stockholders of $2.49 million, or $1.79 loss per share for the three months ended September 30, 2023.
As of September 30, 2024, cash on hand was $1.44 million - up 72% from $836,446 as of December 31, 2023; and total stockholders' equity was $2.63 million as of September 30, 2024 compared to approximately $922,000 as of the end of 2023.
Maximiliano Ojeda, Co-Founder, Chairman and CEO of MGO, stated, "As we continue to advance the complex process of completing the proposed business combination with Heidmar, which is progressing well, MGO has continued to execute on initiatives designed to increase margins in our Stand Flagpole business while improving our return on direct-to-consumer marketing spend. As a result, our margins improved measurably in the third quarter of 2024 and our disciplined approach to reducing operating expenses is yielding positive results."
For more detailed information relating to MGO's third quarter 2024 results, please review the Company's Quarterly Report on Form 10-Q filed with the SEC on November 14, 2024 and accessible at www.sec.gov or on MGO's investor relations page found at www.mgoglobalinc.com.
About MGO Global Inc.
MGO Global is actively engaged in building a portfolio of independent, digitally native, lifestyle brands, which are unique and differentiated, yet all defined by distinctive, high-quality products and a shared commitment to delivering high-touch customer experiences across its ecommerce and wholesale channels. MGO is currently comprised of two business units: Americana Liberty, which markets a growing, high-end line of thoughtfully curated home and outdoor products, including Stand Flagpoles; and MGO Digital, which leverages data analytics, advanced technology-enabled marketing and our leadership's industry relationships and expertise to identify, incubate and introduce to market new, authentic lifestyle brand concepts. For more information on MGO, please visit www.mgoglobalinc.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to complete the proposed business combination with Heidmar, Inc., grow its businesses and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for 2023 fiscal year. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
CONTACT INFORMATION:
MGO Global Inc.
Dodi Handy, Director of Communications
Telephone: 407-960-4636
Email: ir@mgoteam.com
SOURCE: MGO Global
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