Leet Technology Inc. (LTES) reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial increase in revenue, with figures reaching $158.7 million for the three months ended September 30, 2024, compared to $34.3 million for the same period in 2023. For the nine months ended September 30, 2024, revenue totaled $703.0 million, a notable rise from $179.4 million in the prior year. This growth is attributed to a successful white label project with Smart Communications, Inc. and the introduction of matchroom Mini-app solutions.
Gross profit for the third quarter of 2024 was reported at $40.8 million, a significant recovery from a gross loss of $121.0 million in the same quarter of 2023. For the nine-month period, gross profit improved to $269.6 million from a gross loss of $277.8 million in the previous year. The cost of revenue decreased to $117.9 million in Q3 2024 from $155.3 million in Q3 2023, primarily due to over-provisioning of rental platform server costs and direct labor costs.
Operating expenses also saw a decline, totaling $90.2 million for the three months ended September 30, 2024, down from $203.2 million in the same quarter of 2023. This reduction was driven by lower exhibition expenses, salaries, and travel costs. Consequently, the loss from operations narrowed to $49.4 million in Q3 2024, compared to a loss of $324.2 million in Q3 2023. The net loss for the quarter was $40.5 million, significantly reduced from $307.4 million in the prior year.
For the nine months ended September 30, 2024, Leet Technology reported a net profit of $49.8 million, a stark contrast to a net loss of $1.1 billion for the same period in 2023. The company’s cash and cash equivalents stood at $13.8 million as of September 30, 2024, down from $16.6 million at the end of 2023. The working capital deficit increased to $4.3 million, and the accumulated deficit reached $12.6 million.
The company continues to face challenges, including a substantial doubt about its ability to continue as a going concern for at least one year from the date of the financial statements. Leet Technology has not declared any dividends since its incorporation and has reported no significant changes in accounting policies or estimates during the reporting period.
About Leet Technology Inc.
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