Ameritek Ventures, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and operational expenses compared to the previous fiscal period.

For the three months ended September 30, 2024, Ameritek generated revenue of $275,458, marking a substantial increase of 48% from $186,337 in the same period of 2023. This growth was attributed to over $32,000 in programming revenue not present in the prior year and a transfer of approximately $48,000 from deferred revenue. However, for the nine months ended September 30, 2024, total revenue decreased by 4% to $678,300, down from $702,936 in 2023.

Operating expenses for the third quarter decreased significantly to $142,326, a 24% reduction from $187,388 in Q3 2023. For the nine-month period, total operating expenses fell by 35% to $439,951, down from $672,817 in the previous year. This reduction in expenses contributed to a notable improvement in operating income, which reached $133,132 for Q3 2024, compared to a loss of $1,051 in Q3 2023. For the nine months, operating income surged to $238,349, a 691% increase from $30,119 in the same period of 2023.

Net income for the third quarter was $87,167, a significant turnaround from a net loss of $38,756 in Q3 2023. For the nine months, net income was reported at $103,252, compared to a net loss of $82,596 in the prior year. The company also noted an increase in interest expenses, which rose by 22% to $45,965 in Q3 2024, primarily due to additional interest from an SBA loan.

As of September 30, 2024, total current assets were $145,069, up from $139,517 at the end of 2023, while total long-term assets decreased to $3,620,151 from $3,655,830. Total assets declined to $3,765,220 from $3,795,347, and total liabilities decreased to $3,451,070 from $3,639,728. Consequently, total stockholders' equity fell to $(314,150) from $155,619.

The company continues to focus on its core business areas, including software and hardware solutions for various sectors, while managing its financial obligations and operational efficiencies. Ameritek's management acknowledged material weaknesses in internal controls, including the absence of a functioning audit committee and inadequate segregation of duties, which they are addressing.