Mon, Aug 19, 8:11 PM (148 days ago)
For the quarter ending June 30, 2024, 1847 Holdings LLC reported revenues of $15,501,359, a decline from $17,362,093 in the same period of 2023, primarily due to supply chain issues and decreased demand across its segments. The cost of revenues decreased significantly to $8,757,513, improving the gross margin. However, total operating expenses rose to $18,045,802, leading to an operating loss of $2,544,443, compared to a smaller loss of $445,270 in the prior year. The company faced substantial net losses of $4,906,812, influenced by increased professional fees and impairments totaling $1,216,966. Cash flow from operating activities reflected a negative trend, with a cash outflow of $3,897,532 for the six months ended June 30, 2024, indicating ongoing liquidity challenges. As of the reporting date, the company had cash and cash equivalents of $800,989, with a working capital deficit of $22,093,540, raising concerns about its ability to continue as a going concern without additional financing. The management is pursuing various financing options to address these liquidity issues.