Generation Income Properties, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total revenue, which rose to $2.4 million for the three months ended September 30, 2024, compared to $1.8 million for the same period in 2023. This revenue growth was primarily driven by the acquisition of a 13-property portfolio in August 2023. For the nine months ended September 30, 2024, total revenue reached $7.1 million, up from $4.5 million in the prior year.

Despite the revenue increase, Generation Income Properties reported a net loss of $2.1 million for Q3 2024, compared to a loss of $1.2 million in Q3 2023. The net loss for the nine months ended September 30, 2024, was $5.4 million, an increase from $3.2 million in the same period in 2023. The company's operating loss for Q3 2024 was $(1.4 million), up from $(1.2 million) in Q3 2023.

Total assets as of September 30, 2024, amounted to $23.3 million, an increase from $22.0 million at the end of 2023. However, cash and cash equivalents saw a decline, dropping to $1.5 million from $3.1 million as of December 31, 2023. Total liabilities increased to $75.2 million, up from $74.2 million at the end of 2023, while redeemable non-controlling interests rose significantly to $26.1 million from $18.8 million.

The company’s accumulated deficit grew to $(22.98 million) as of September 30, 2024, compared to $(14.83 million) at the end of 2023. Total equity increased to $6.6 million from $4.1 million during the same period. The company also reported a significant increase in operating expenses, which rose to $3.8 million for Q3 2024, compared to $3.1 million in Q3 2023, largely due to higher building expenses and depreciation related to the newly acquired properties.

In terms of strategic developments, Generation Income Properties modified the terms of two secured mortgage loans in August 2024, extending their maturity to August 2029. The company also announced a suspension of its regular dividend starting July 2024, citing financial conditions as a factor. As of September 30, 2024, the company had a total debt of $65.7 million, including $59.7 million in mortgage loans.

Overall, while Generation Income Properties, Inc. has seen revenue growth, it continues to face challenges with increasing losses and cash flow concerns, raising doubts about its ability to continue as a going concern.