Thu, Nov 14, 8:46 PM (60 days ago)
LQR House Inc. (LQR) reported a significant decline in revenue for Q3 2024, with total revenues of $624,464, a 266% increase from $170,511 in Q3 2023, primarily driven by product sales from the newly acquired CWS Platform. However, service revenue fell by 70% to $30,918 due to a strategic pivot towards product sales. The gross loss was $62,051, worsening from a gross profit of $7,619 in the prior year. Operating expenses decreased by 36% to $3,441,910, reflecting reductions in general and administrative costs. The net loss narrowed to $3,363,380 from $5,541,228 in Q3 2023. For the nine-month period, LQR experienced a net loss of $8,000,066, down from $9,419,793 in 2023, indicating improved cost management. Cash and equivalents plummeted to $247,913 from $7,064,348, with negative cash flows from operations of $3,565,293. The company, classified as an emerging growth entity, faces uncertainties regarding its ability to sustain operations without further capital. Management plans to seek additional funding to support operations and growth strategies.