Elvictor Group, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing notable improvements in revenue and profitability compared to the previous fiscal period. The company, which operates in the shipping industry focusing on crew management and technical management, recorded gross revenue of $492,280 for Q3 2024, up from $429,914 in Q3 2023. For the nine-month period, total revenue reached $1,792,066, a slight increase from $1,785,535 in the same period of 2023.

Net revenue for Q3 2024 was $152,943, compared to $121,922 in Q3 2023, while net income for the nine months ended September 30, 2024, was $234,322, a significant turnaround from a net loss of $189,223 in the same period of 2023. The company reported a net profit of $125,138 for Q3 2024, compared to a net loss of $54,547 in Q3 2023. This improvement was attributed to increased revenues from various service categories, including allotment and communication fees, alongside a reduction in operating expenses.

Total operating expenses for the nine months ended September 30, 2024, were $1,146,139, down 28.8% from $1,596,533 in the same period of 2023, primarily due to lower salaries and professional fees. The company reported a decrease in salaries from $1,179,882 in 2023 to $769,328 in 2024, reflecting a strategic effort to manage costs.

Elvictor Group has also made strategic developments, including the acquisition of Ultra Ship Management to enhance its ship management services. The company has established subsidiaries in Greece and Cyprus to expand its operational footprint. However, it faces challenges such as increased operational costs due to crew shortages and global inflation, which are impacting the shipping industry.

As of September 30, 2024, the company had cash and cash equivalents of $105,940, down from $151,998 a year earlier, and a working capital surplus of $436,658, compared to $42,454 at the end of 2023. The company continues to fund its operations primarily through equity financing.

Despite these positive developments, Elvictor Group identified material weaknesses in its internal controls over financial reporting, including insufficient documentation and a lack of segregation of duties. Management is taking steps to address these issues, including engaging financial consultants and planning to hire qualified personnel as resources allow.