DriveItAway Holdings Reports 150% Revenue Growth and Improved Net Income for December 2024

DriveItAway Holdings, Inc. reported significant financial performance improvements for the three months ending December 31, 2024, compared to the same period in 2023. The company generated revenues of $241,946, a substantial increase from $96,503 in the prior year, marking a growth of approximately 150%. Gross profit also saw a notable rise, reaching $98,691, up from $10,824. Despite these gains, the company reported an operating loss of $125,612, although this was an improvement from the loss of $195,186 recorded in the previous year.

The company's total assets as of December 31, 2024, were $1,067,861, slightly down from $1,068,097 at the end of September 2024. Current assets increased significantly to $75,605 from $37,996, primarily due to higher cash reserves, which rose to $69,358 from $33,588. However, total liabilities decreased to $4,516,000 from $5,027,699, driven by a reduction in derivative liabilities and other debts. The stockholders' deficit improved to $3,448,139 from $3,959,602, reflecting a net income of $456,463 for the quarter, a turnaround from a net loss of $715,429 in the same quarter last year.

Strategically, DriveItAway has been focusing on expanding its service offerings and enhancing its technology platform. The company is preparing to launch a new consumer app aimed at facilitating the acquisition of electric vehicles through a subscription model. This initiative is part of its broader strategy to leverage eCommerce solutions for car dealerships, enabling them to increase vehicle sales through innovative technology. Additionally, the formation of DIA Leasing, LLC, a wholly owned subsidiary, indicates a commitment to diversifying its operational capabilities.

Operationally, DriveItAway has seen an increase in customer engagement, with the number of common shares outstanding rising to 113,951,722 from 113,701,722. The company has also made strides in managing its operating expenses, which totaled $224,303 for the quarter, a slight increase from $206,010 in the previous year. The company’s cash flow from financing activities was positive, amounting to $228,745, which included proceeds from convertible notes and the sale of common stock.

Looking ahead, DriveItAway Holdings, Inc. acknowledges the need for additional capital to sustain its operations and support its growth initiatives. The company plans to pursue various funding avenues, including equity sales and traditional financing, to address its accumulated deficit of $5,102,676. Management has expressed uncertainty regarding its ability to secure sufficient capital, which is critical for its ongoing operations and future profitability. The financial statements reflect this uncertainty, as they do not include adjustments that may be necessary if the company cannot continue as a going concern.