Thumzup Media Corporation reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, operating expenses, and net losses compared to the previous fiscal period.

For Q3 2024, Thumzup generated revenues of $150,000, a substantial increase from $72,000 in Q3 2023, marking a 108.33% rise. However, year-to-date (YTD) revenues for the first nine months of 2024 totaled $585,000, down from $2.422 million in the same period of 2023, reflecting a decrease of $1.837 million. This decline in YTD revenue is attributed to the company's ongoing challenges in scaling its operations and market penetration.

Total operating expenses for Q3 2024 were reported at $442,847, significantly lower than $718,517 in Q3 2023, representing a 38.37% decrease. For the nine-month period, operating expenses decreased from $2.149 million in 2023 to $1.300 million in 2024, a reduction of $849,153. The decrease in expenses was primarily driven by lower marketing costs, which fell from $750,359 in 2023 to $245,522 in 2024, and a reduction in software research and development expenses from $477,906 to $136,939.

Despite the reduction in expenses, Thumzup reported a loss from operations of $(442,697) for Q3 2024, down from $(718,445) in Q3 2023, indicating an improvement of $275,748. The net loss for Q3 2024 was $(441,838), a significant reduction from $(1.111 million) in Q3 2023, while the YTD net loss decreased from $(2.942 million) in 2023 to $(1.298 million) in 2024.

The company’s accumulated deficit increased to $(7.038 million) as of September 30, 2024, compared to $(5.692 million) at the end of 2023. Cash balances also declined, with $110,246 reported at the end of Q3 2024, down from $259,212 at the end of 2023.

Strategically, Thumzup has been active in raising capital, securing approximately $161,226 from common stock and $805,000 from Series B preferred stock during the nine months ended September 30, 2024. The company also entered into multiple promissory notes with Westside Strategic Partners, LLC, totaling $140,000, which were repaid in October 2024.

In terms of governance, Thumzup appointed new members to its Board of Directors in October 2024 and plans to enhance its internal controls over financial reporting following the identification of material weaknesses in its processes. The company aims to list its common stock on Nasdaq, pending approval, as part of its growth strategy.