Linkhome Holdings Inc. reported significant financial growth in its latest 10-Q filing for the third quarter of 2024, with net revenues reaching $2.06 million, a substantial increase of 1,908.51% compared to $102,461 in the same period last year. For the nine months ended September 30, 2024, the company generated $5.42 million in revenues, up 3,487.78% from $151,118 in the prior year. The surge in revenue was primarily driven by the introduction of the Cash Offer program, which accounted for $1.67 million and $4.61 million in revenue for the respective periods, marking a new revenue stream for the company.
The company's gross profit for the third quarter was $504,628, reflecting a 586.93% increase from $73,461 in the previous year. However, the gross margin decreased to 24.52% from 71.70%, attributed to the costs associated with the Cash Offer program. Operating income also saw a significant rise, reaching $401,867 for the quarter, compared to $52,901 in the prior year. For the nine-month period, operating income was $544,431, up from $65,747, indicating improved operational efficiency despite rising costs.
Linkhome's strategic developments included the acquisition of a real estate broker license in November 2023, allowing the company to operate independently in real estate transactions. The company has also expanded its service offerings to include home renovation services, which generated $84,100 in revenue during the third quarter. The total number of shares outstanding increased to 14,505,000 as of September 30, 2024, following a series of stock subscription agreements that raised $980,000.
Operationally, Linkhome reported a significant increase in accounts receivable, which rose to $1.45 million from $392 in the previous year, reflecting the company's growing customer base and transaction volume. The company completed 15 real estate transactions in the third quarter, with a total transaction volume of $18.36 million. The increase in customer engagement and transaction volume is indicative of the company's expanding market presence, particularly in Southern California.
Looking ahead, Linkhome Holdings aims to leverage its Cash Offer program to enhance its competitive edge in the real estate market. The company plans to invest approximately $2 million over the next 12 months to expand its operations and develop its artificial intelligence platform for real estate transactions. Management expressed confidence in the company's growth trajectory, anticipating continued revenue increases and improved profitability as it capitalizes on market opportunities.
About Linkhome Holdings Inc.
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