Nowtransit Inc. reported significant financial improvements in its 10-Q filing for the quarter ending September 30, 2024, compared to the same period in the previous year. The company achieved revenues of $572.973 million for Q3 2024, a substantial increase from $192.165 million in Q3 2023. For the nine months ended September 30, 2024, revenues reached $1.235 billion, up from $293.967 million in the same period of 2023. This growth is attributed to the successful integration of Best 365 Labs Inc., which Nowtransit acquired in March 2023, enhancing its product offerings in the health and wellness sector.
Gross profit for Q3 2024 was reported at $424.740 million, compared to $160.339 million in Q3 2023. For the nine-month period, gross profit increased to $969.879 million from $247.896 million. The company also reported a turnaround in operational performance, with income from operations of $56.202 million for Q3 2024, contrasting with a loss of $57.146 million in Q3 2023. For the nine months, income from operations was $77.043 million, compared to a loss of $213.124 million in the prior year.
Net income for Q3 2024 was $56.202 million, a significant recovery from a net loss of $57.146 million in Q3 2023. For the nine months ended September 30, 2024, net income was $77.043 million, compared to a net loss of $70.716 million in the same period of 2023. The company’s cash position improved dramatically, with cash and cash equivalents rising to $333.220 million as of September 30, 2024, from $19.238 million at the end of 2023.
Total assets increased to $415.830 million as of September 30, 2024, up from $93.388 million at the end of 2023. Total current liabilities decreased to $45.547 million from $100.148 million, contributing to a total stockholders' equity of $370.283 million, a significant improvement from a deficit of $(6.760) million at the end of 2023.
The company has also increased its advertising and research and development expenditures, reflecting a strategic focus on product innovation and market expansion. Advertising costs for the nine months ended September 30, 2024, were $153.806 million, up from $93.755 million in the same period of 2023, while R&D expenses rose to $29.808 million from $0.
Management plans to raise additional funds through private or public offerings to support ongoing operations and address identified weaknesses in internal controls, including the need for more accounting resources and segregation of duties. The company continues to focus on its health and wellness product lines, targeting various market opportunities, including mental health and cognitive function support.
About Nowtransit Inc
About 10-Q Filings
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