Leet Technology Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $715,288, a 125.3% rise from $317,413 in 2023. The company attributed this growth primarily to its white-label project with Smart Communications, a major telecommunications provider in the Philippines, and the revenue generated from its Matchroom Mini-app solutions. Despite the revenue increase, the company recorded a net loss of $894, a substantial improvement from the previous year's loss of $1,383,447, indicating a 99.9% reduction in net losses.
The company's cost of revenue decreased by 10.8% to $573,932 in 2024, down from $643,316 in 2023. This reduction was largely due to lower expenses related to server rentals, network bandwidth, and direct labor costs. Additionally, general and administrative expenses saw a significant decline of 60.3%, falling to $473,155 from $1,193,173 in the prior year, driven by reduced exhibition costs, legal fees, and consultancy expenses.
Operationally, Leet Technology has focused on expanding its presence in the eSports sector, particularly in Southeast Asia. The company operates the Matchroom.net platform, which has been pivotal in hosting eSports tournaments. As of December 31, 2024, the company had approximately 5 full-time employees in Malaysia, 3 in Vietnam, 6 in the Philippines, and 3 in Indonesia. The company has not experienced any work stoppages and continues to seek partnerships with mobile network operators to enhance its service offerings.
Looking ahead, Leet Technology plans to maintain its focus on a business-to-business model, particularly with mobile network operators in Southeast Asia and beyond. The company aims to enhance its white-label product offerings and expand its market reach, targeting additional countries such as Vietnam, Nepal, and regions in the Middle East and Africa by 2026. However, the company faces challenges, including a working capital deficit of $4,121,517 and an accumulated deficit of $12,706,094 as of December 31, 2024, raising concerns about its ability to continue as a going concern without securing additional financing.
About Leet Technology Inc.
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