GBT Technologies Inc. reported significant financial improvements in its third quarter of 2024 compared to the same period in 2023. The company achieved a net income of $6.3 million for Q3 2024, a substantial turnaround from a net loss of $72,369 in Q3 2023. For the nine months ended September 30, 2024, GBT Technologies recorded a net income of $14.5 million, contrasting sharply with a net loss of $15.6 million for the same period in the previous year. This positive shift is attributed to a notable increase in other income, which rose to $6.5 million in Q3 2024 from $283,435 in Q3 2023, and a total of $15 million for the nine-month period, compared to a loss of $14.5 million in 2023.

Operating expenses also decreased significantly, with Q3 2024 expenses at $198,607, down from $317,419 in Q3 2023, marking a 37% reduction. For the nine months ended September 30, 2024, operating expenses totaled $533,315, a 51% decrease from $1.1 million in the same period of 2023.

The company’s accumulated deficit as of September 30, 2024, stood at $301.5 million, with a working capital deficit of $16 million, improved from $31.8 million at the end of 2023. Cash and cash equivalents increased slightly to $1,505 from $529 at the end of 2023, while cash provided by operating activities was $28,522, a recovery from cash used in operations of $72,498 in the prior year.

Strategically, GBT Technologies terminated its revenue-sharing agreement with Mahaser Ltd. effective July 1, 2023, and entered into an amended joint venture with Magic Internacional Argentina FC, S.L. and GBT Tokenize Corp. on July 20, 2023. The company also completed its first commercial transaction through GBT Tokenize, selling the Avant-AI! technology for 26 million shares of Avant Technologies, Inc. on April 3, 2023. Additionally, a patent purchase agreement with VisionWave Technologies Inc. was established on March 20, 2024, for $30 million, to be paid in common stock.

As of September 30, 2024, GBT Technologies had 16.8 billion shares of common stock outstanding, reflecting a significant increase from 10.3 billion shares at the end of 2023. The company continues to face challenges related to its accumulated deficit and working capital, prompting management to seek additional capital through private placements of debt and equity securities.