Ilustrato Pictures International Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved revenue of $3.3 million for the three months ended September 30, 2024, a substantial increase from $2.0 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $8.7 million, compared to $5.6 million in the prior year. This growth in revenue is attributed to improved performance across various product lines.

Gross profit for the third quarter of 2024 was $1.3 million, up from $656,152 in the third quarter of 2023. For the nine-month period, gross profit increased to $3.2 million from $1.7 million year-over-year. Operating expenses decreased to $2.96 million in the third quarter of 2024 from $3.97 million in the same quarter of 2023, and for the nine months, operating expenses fell to $7.6 million from $9.7 million. This reduction in operating expenses contributed to a narrower net loss, which was $(1.5 million) for the third quarter of 2024, compared to $(3.3 million) in the same quarter of 2023. The nine-month net loss also improved to $(4.2 million) from $(8.0 million) year-over-year.

As of September 30, 2024, total assets increased to $65.9 million from $62.5 million at the end of 2023. Total liabilities rose to $35.2 million from $32.6 million, while total stockholders’ equity increased to $30.8 million from $29.9 million. The company reported cash and cash equivalents of $338,906, a significant rise from $4,064 at the end of September 2023.

Ilustrato Pictures has been active in strategic acquisitions, including the acquisition of a convertible note from YAII PN, LTD for $600,685 in Samsara Luggage Inc., which resulted in a 91.5% control of the company. Additionally, the company sold its equity interests in seven companies to Samsara for 350,000 restricted shares of Series B stock. The company also entered into a Stock Purchase Agreement to acquire a 51% interest in Al Shola Al Modea Gas Distribution LLC.

The company’s net cash provided by operating activities for the third quarter of 2024 was $4.7 million, a significant improvement from a net cash outflow of $(434,727) in the same period of 2023. Net cash generated from financing activities also improved to $4.4 million from a net cash outflow of $(10.5 million) year-over-year. The common stock issued increased to $610,849 from $23,905 in the previous year, reflecting a proactive approach to capital management.