Mon, Aug 19, 9:01 PM (148 days ago)
HUMBL, Inc. reported a net loss of $2.72 million for Q2 2024, a significant improvement from a $6.62 million loss in Q2 2023. Revenue increased to $156.86k, driven primarily by merchandise sales, while cost of revenues rose to $162.17k, resulting in a gross loss of $5.31k. Operating expenses decreased to $1.90 million, reflecting reduced development costs and professional fees. The company faced a working capital deficit of $1.57 million as of June 30, 2024, a notable improvement from $4.69 million at year-end 2023. Cash reserves dwindled to $12.05k, raising concerns about liquidity and the company's ability to sustain operations. Despite a $2.8 million gain from the sale of HUMBL Financial assets, ongoing operational challenges persist, including reliance on convertible debt financing. Management anticipates that consolidating operations under HUMBL.com and partnerships like the Arena Football League will enhance revenue generation. However, uncertainties in capital markets and internal operational challenges could hinder future growth. The company remains classified as a smaller reporting entity and continues to face litigation risks from past business dealings.