Driveitaway Holdings, Inc. reported significant financial developments in its Q3 2024 10-Q filing, showcasing a notable increase in revenue but also a widening net loss compared to the previous fiscal period.

For Q3 2024, the company achieved revenue of $110,399, reflecting a 41% increase from $78,005 in Q3 2023. This growth in revenue was accompanied by a substantial rise in gross profit, which reached $44,929, marking a 223% increase from $13,891 in the same quarter of the prior year. However, despite these positive revenue and profit figures, Driveitaway reported a net loss of $(529,649) for Q3 2024, which is a 237% increase in loss compared to $(157,095) in Q3 2023.

For the nine months ended June 30, 2024, Driveitaway's revenue totaled $296,209, a 53% increase from $193,088 during the same period in 2023. Gross profit for this nine-month period also saw an increase, amounting to $67,984, up 60% from $42,424 in the prior year. However, the net loss for the nine months ended June 30, 2024, was $(1,721,293), a 146% increase from $(697,482) in the same period of 2023.

The company's balance sheet showed significant changes as well. Total assets as of June 30, 2024, were reported at $725,722, a substantial increase from $230,790 as of September 30, 2023. Conversely, total current liabilities rose sharply to $4,124,720, up 120% from $1,878,080 as of September 30, 2023. The accumulated deficit also increased, reaching $(5,032,189) compared to $(3,310,896) as of September 30, 2023.

Cash and restricted cash at the end of Q3 2024 stood at $3,422, a significant decrease from $30,783 at the end of Q3 2023. This decline in cash reserves may reflect the company's ongoing investments and operational expenditures amid its growth trajectory.