Pony Group Inc. reported significant declines in revenue and profitability for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenue for Q3 2024 was $15.9 million, down from $38.1 million in Q3 2023, primarily due to the absence of technology development services, which had previously contributed $81.6 million in revenue during the first nine months of 2023. For the nine months ended September 30, 2024, total revenue was $52.0 million, a decrease of $89.5 million from $141.5 million in the same period in 2023.
The company reported a loss from operations of $(18.5) million for Q3 2024, compared to $(13.8) million in Q3 2023. For the nine-month period, the loss from operations was $(103.0) million, slightly improved from $(116.3) million in the prior year. The net loss for Q3 2024 was $(19.4) million, compared to $(13.8) million in Q3 2023, while the nine-month net loss was $(104.0) million, down from $(116.2) million in 2023.
Despite the revenue decline, the cost of revenue also decreased, with Q3 2024 costs at $7.4 million compared to $19.9 million in Q3 2023. Gross profit for Q3 2024 was $8.5 million, yielding a gross profit margin of 53.4%, up from 47.7% in Q3 2023. For the nine months ended September 30, 2024, gross profit was $23.6 million, with a margin of 45.3%, down from 53.8% in the previous year.
As of September 30, 2024, Pony Group reported total current assets of $34.5 million and total liabilities of $658.6 million, resulting in a working capital deficit of $624.1 million. The accumulated deficit increased to $(828.4) million, reflecting ongoing financial challenges. Cash and cash equivalents were reported at $8,898, a significant decrease from $27.1 million at the end of Q3 2023.
Management has expressed substantial doubt about the company's ability to continue as a going concern and plans to seek additional capital through various means, including equity sales and bank borrowings. The company has not reported any off-balance sheet arrangements and has maintained effective disclosure controls and procedures.
About Pony Group Inc.
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