Ashford Inc. reported its financial results for the quarter and nine months ended September 30, 2024, showing a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenues for the third quarter reached $191.1 million, an increase of $9.9 million or 5.5% from $181.2 million in the same quarter of 2023. For the nine months, revenues totaled $611.6 million, up $52.6 million or 9.4% from $559.0 million in the prior year.

The increase in revenue was driven by several segments, notably the Remington segment, which generated $110.4 million in Q3 2024, a 3.3% increase from $106.8 million in Q3 2023. The INSPIRE segment also saw growth, with revenues rising to $34.4 million, up 12.1% from the previous year. Other revenue sources, including audio-visual services and watersports, contributed significantly to the overall revenue increase.

Despite the revenue growth, Ashford Inc. reported a net loss of $3.8 million for Q3 2024, compared to a loss of $3.1 million in Q3 2023. The net loss attributable to common stockholders was $13.1 million, reflecting a deterioration from a loss of $12.0 million in the prior year. For the nine-month period, the net loss attributable to common stockholders increased to $31.1 million from $27.2 million in 2023.

Total expenses for the third quarter were $190.5 million, a decrease of $9.9 million or 5.5% from $180.6 million in Q3 2023. This reduction in expenses was primarily attributed to improved operational efficiencies. However, the overall increase in expenses for the nine months, which totaled $599.1 million compared to $547.3 million in 2023, indicates ongoing cost pressures.

Strategically, Ashford Inc. has undergone significant changes, including the approval of a reverse/forward stock split and the termination of its public reporting obligations, which were approved by stockholders in July 2024. The company delisted its common stock from the NYSE American on July 29, 2024, and filed Form 15 to terminate its registration under the Exchange Act, expected to take effect on January 1, 2025. This move is anticipated to save approximately $2.5 million annually in compliance costs.

Additionally, Ashford Inc. acquired the remaining shares of Pure Wellness in January 2024, increasing its ownership from 70% to 100%. The company also reported a significant increase in cash and cash equivalents, totaling $63.6 million as of September 30, 2024, compared to $52.1 million at the end of 2023. However, the accumulated deficit grew to $(640.5 million) from $(609.3 million) at the end of 2023, reflecting ongoing financial challenges.