1847 Holdings LLC reported its financial results for the three and nine months ended September 30, 2024, highlighting both revenue growth and increased operating losses compared to the previous fiscal period. For the third quarter of 2024, the company generated revenues of $4.76 million, a slight increase from $4.68 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $12.39 million, up from $11.66 million in 2023. The growth was primarily driven by the construction segment, which saw revenues rise to $3.81 million in Q3 2024 from $3.79 million in Q3 2023, and the automotive supplies segment, which increased to $953,469 from $883,080.
Despite the revenue growth, total operating expenses surged significantly, totaling $8.17 million for Q3 2024 compared to $5.88 million in Q3 2023. This increase in expenses led to a loss from operations of $(3.41) million for Q3 2024, worsening from a loss of $(1.21) million in the prior year. For the nine-month period, the operating loss escalated to $(8.56) million from $(2.98) million in 2023. The net loss from continuing operations for Q3 2024 was $(5.56) million, compared to $(5.14) million in Q3 2023, while the nine-month net loss from continuing operations increased to $(19.51) million from $(10.09) million.
The company also reported a gain on the disposition of subsidiaries, including a $10.08 million gain from the sale of High Mountain Door & Trim Inc. on September 30, 2024. This sale contributed to a net income of $2.32 million for Q2 2024, contrasting with a net loss of $(5.86) million in Q3 2023. However, the overall net loss attributable to 1847 Holdings for the nine months ended September 30, 2024, was $(12.46) million, compared to $(8.49) million in the same period of 2023.
As of September 30, 2024, the company had cash and cash equivalents of $1.52 million, a significant increase from $673,445 at the end of 2023. Total current assets decreased to $13.49 million from $18.71 million, while total current liabilities fell to $19.34 million from $28.14 million. The total liabilities of the company decreased to $43.17 million from $59.41 million, but the shareholders' deficit widened to $(24.47) million from $(18.73) million.
Management expressed substantial doubt about the company's ability to continue as a going concern without obtaining additional financing within the next twelve months. The company plans to secure additional financing through debt and equity offerings to address liquidity concerns.
About 1847 Holdings LLC
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