Avalon GloboCare Corp. (ALBT) reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting both revenue growth and ongoing challenges in profitability. The company’s cash position improved significantly, with cash increasing to $1,024,197 from $285,400 at the end of 2023. Total current assets rose to $1,396,821, a 64.2% increase, while total liabilities increased to $14,149,229, up from $13,213,760.

In terms of revenue, Avalon reported real property rental revenue of $345,159 for Q3 2024, a 4.2% increase from $331,290 in Q3 2023. For the nine months ended September 30, 2024, rental revenue reached $987,634, up 5.7% from $934,360 in the same period last year. Real property operating income also saw substantial growth, increasing by 130.6% to $99,631 in Q3 2024, and by 26.9% to $193,492 for the nine-month period.

Despite these gains, Avalon reported a net loss of $1,679,200 for Q3 2024, compared to a loss of $1,485,075 in Q3 2023. The nine-month net loss improved to $5,178,739 from $7,151,876 in the prior year, reflecting a 27.6% reduction in losses. The loss from operations for the nine months decreased significantly by 39.3% to $3,617,386, indicating improved operational efficiency.

The company’s investment in Lab Services MSO, acquired in February 2023, contributed to a loss of $669,777 for the nine months ended September 30, 2024, compared to a profit of $370,060 in the same period of 2023. This shift was attributed to increased amortization of intangible assets and an impairment of goodwill.

Avalon has also made strategic moves, including the formation of a new subsidiary, Q&A Distribution LLC, in May 2024, to distribute the KetoAir device, which targets the diabetes and obesity markets. The company continues to face a working capital deficit of approximately $10.9 million and has expressed concerns about its ability to sustain operations without additional financing.

In terms of expenses, Avalon has implemented cost-cutting measures, resulting in significant reductions in advertising, professional fees, and compensation expenses. However, miscellaneous taxes and other expenses have increased, reflecting ongoing financial pressures.

Overall, Avalon GloboCare's financial performance for the third quarter and year-to-date shows a mix of revenue growth and continued net losses, alongside strategic developments aimed at enhancing its market position.