Royalty Management Holding Corporation (RMHC), which underwent a business combination with Royalty Management Corporation on October 23, 2023, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on investing in assets with near and medium-term income potential, experienced notable increases in revenue and improvements in net loss compared to the same period in the previous year.

For the three months ended September 30, 2024, RMHC reported total revenue of $145.6 million, a 18.5% increase from $122.8 million in Q3 2023. For the nine-month period, total revenue reached $562.0 million, up from $354.7 million in the prior year. A significant contributor to this growth was the revenue from Environmental Services, which surged to $119.5 million in Q3 2024 from $51.2 million in Q3 2023, and for the nine months, it increased to $483.6 million from $103.0 million.

Despite the revenue growth, RMHC reported a net loss from operations of $(162.8 million) for Q3 2024, compared to $(67.1 million) in Q3 2023. The net loss for the nine months ending September 30, 2024, was $(82.4 million), a substantial improvement from $(804.3 million) in the same period in 2023. This improvement was attributed to increased revenues and a reduction in total other expenses, which amounted to $50.3 million in Q3 2024, compared to a loss of $(184.2 million) in Q3 2023.

The company’s total assets increased to $15.4 million as of September 30, 2024, from $15.0 million at the end of 2023. Total liabilities decreased significantly to $1.8 million from $3.9 million, primarily due to the conversion of all convertible notes during the business combination. Total stockholders’ equity rose to $13.5 million, up from $11.1 million at the end of 2023.

Cash and cash equivalents decreased to $145.4 million from $195.5 million at the end of 2023, while accounts receivable increased to $132.4 million from $70.3 million. The company also reported a total of 14,932,918 shares of common stock outstanding as of November 14, 2024.

Strategically, RMHC has continued to invest in various assets, including a recent royalty agreement with eko Solutions LLC and a technology development services agreement with ReElement Technologies Corporation. The company has also maintained a focus on environmental services, which has proven to be a significant revenue driver.