Fundamental Global Inc. reported a total revenue of $17.3 million for the fiscal year ending December 31, 2024, reflecting a slight increase of 1.5% compared to $17.1 million in 2023. The company's revenue from products and services, primarily driven by its managed services segment, rose significantly by 20.7% to $32.0 million, up from $26.5 million in the previous year. However, this growth was offset by a net loss on equity securities and other holdings, which increased to $14.7 million from $9.4 million in 2023. The overall loss from operations also widened to $24.9 million, a 52.7% increase from the prior year's loss of $16.3 million.
The company underwent significant strategic changes during the fiscal year, including a merger with FG Group Holdings, Inc. on February 29, 2024, which was accounted for as a reverse acquisition. This merger resulted in the combined entity being renamed Fundamental Global Inc. and led to the consolidation of FG Group's financial results. Additionally, the company completed the acquisition of Strong Global Entertainment, which was finalized on September 30, 2024. These transactions have contributed to a substantial increase in operational complexity and expenses, with total expenses rising by 26.5% to $42.2 million, largely due to the integration of new business operations.
Operationally, the company reported a total employee headcount of 130 as of December 31, 2024, with a breakdown of 31 operational, 67 service-related, and 32 sales and administrative positions. The company’s managed services business, Strong Technical Services, continues to be a key focus, providing critical support to cinema operators and entertainment venues. The company also plans to sell its reinsurance business, which has been classified as discontinued operations, with an expected sale price of $5.6 million anticipated to close in the first half of 2025.
Looking ahead, Fundamental Global Inc. aims to leverage its recent acquisitions and mergers to enhance its market position and operational efficiency. The company has expressed confidence in its ability to manage the complexities arising from these strategic decisions, although it acknowledges the risks associated with integration and market conditions. The management remains focused on improving profitability and expects to realize synergies from the merger and acquisition activities in the coming fiscal periods.
About Fundamental Global Inc.
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