Thu, Jun 12, 2:41 PM (31 days ago)
**Limitless X Holdings, Inc. (LXHX) - Q2 2023 Financial Summary** **Financial Health & Performance:** - **Revenue:** Q2 2023 revenue was $6.3 million, a 53% decrease from Q2 2022 ($13.4 million). For the six months ended June 30, 2023, revenue was $12.9 million, a 40.8% decrease from the same period in 2022 ($21.7 million). - **Gross Profit:** Q2 2023 gross profit was $3.4 million, a 61.4% decrease from Q2 2022 ($8.7 million). For the six months ended June 30, 2023, gross profit was $7.3 million, a 50.8% decrease from the same period in 2022 ($14.8 million). - **Net Loss:** Q2 2023 net loss was $4.1 million, a 32.5% decrease from Q2 2022 ($6.0 million). For the six months ended June 30, 2023, net loss was $7.8 million, a 35.4% decrease from the same period in 2022 ($5.7 million). - **Operating Expenses:** Q2 2023 operating expenses were $7.2 million, a 51.7% decrease from Q2 2022 ($14.9 million). For the six months ended June 30, 2023, operating expenses were $14.6 million, a 29.4% decrease from the same period in 2022 ($20.6 million). **Cash Flow:** - **Operating Activities:** For the six months ended June 30, 2023, net cash used in operating activities was $6.7 million. - **Investing Activities:** Net cash used in investing activities was $1,604. - **Financing Activities:** Net cash provided by financing activities was $957,466. **Trends & Uncertainties:** - **Marketing Strategy Shift:** LXHX shifted its marketing strategies, including a change in performance marketers, which impacted revenue and gross profit. - **Operating Expenses:** Decrease in advertising and marketing expenses, offset by an increase in payroll due to an increase in the number of employees. - **Control Weaknesses:** LXHX identified a material weakness in its internal control over financial reporting due to insufficient personnel in its accounting and financial reporting functions. **Future Operations Impact:** - **Hiring Plans:** LXHX plans to hire additional personnel to address the material weakness in its internal controls and improve the effectiveness of its disclosure controls and procedures. - **Marketing Strategies:** LXHX will continue to evaluate and adjust its marketing strategies to drive revenue growth. **Ticker:** LXHX