CFN Enterprises Inc. reported significant financial improvements in its third quarter and year-to-date results for the period ending September 30, 2024, compared to the same period in 2023. The company achieved net revenues of $6.8 million for the three months ended September 30, 2024, a substantial increase from $1.7 million in the prior year, marking a growth of $5.1 million. For the nine months ended September 30, 2024, revenues reached $16.5 million, up from $1.9 million in 2023, reflecting an increase of $14.6 million. This growth is primarily attributed to the successful integration of the Ranco Business, which contributed approximately $6.6 million in revenue during the third quarter.

Gross income for the third quarter of 2024 was reported at $4.4 million, compared to $453,035 in the same quarter of 2023, while gross profit for the nine-month period increased to $7.1 million from $494,619. The company also reported a profit from operations of $1.6 million for the third quarter, a turnaround from an operating loss of $1.1 million in the same quarter of the previous year. The net income for the third quarter was $972,900, compared to a net loss of $1.9 million in 2023, indicating a significant improvement in profitability.

Despite these positive developments, CFN Enterprises reported a net loss of $926,009 for the nine months ended September 30, 2024, an improvement from a loss of $3.9 million in the same period in 2023. The company’s total assets increased to $9.1 million as of September 30, 2024, up from $5.5 million at the end of 2023, while total liabilities rose to $23.5 million from $18.9 million, resulting in a stockholders' deficit of $14.4 million.

The company has taken strategic steps to enhance its operations, including the acquisition of Ranco LLC in July 2023, which has expanded its co-packing and white label manufacturing capabilities. Additionally, CFN Enterprises has entered into a five-year exclusive licensing agreement for the manufacturing and distribution of hemp-based and nicotine-based products.

As of September 30, 2024, CFN Enterprises reported cash and cash equivalents of $263,702, a significant increase from $78,744 at the end of 2023. The company’s working capital deficit stood at $14.9 million, and it continues to pursue capital-raising efforts to address its financial challenges. Management's plan includes growing the CFN and Ranco businesses while managing operating costs and exploring strategic transactions.