Mon, Feb 24, 6:45 PM (20 days ago)
**DriveItAway Holdings, Inc. (DWAY) - Summary of Financial Performance (FY 2024)** For the fiscal year ending September 30, 2024, DriveItAway Holdings reported revenues of $460.7K, a 50% increase from $307.3K in FY 2023, mainly driven by a rise in rental revenue. Gross profit doubled to $138.3K, while operating expenses decreased by 15% to $706.4K, leading to an operating loss of $568.2K, a 25% improvement year-over-year. However, net loss significantly widened to $2.25M from $930.1K, primarily due to increased interest expenses and changes in derivative liabilities. The company's financial condition remains precarious, with a working capital deficiency of $4.34M and total liabilities of $5.03M against assets of $1.07M. The accumulated deficit reached $5.56M. Future growth strategies include expanding vehicle subscriptions, enhancing technology partnerships, and targeting small commercial customers. Key risks include reliance on external financing and market volatility affecting operations. The transition to electric vehicles (EVs) is seen as a growth opportunity, with plans to leverage low EV resale values. The stock trades on the OTCQB, reflecting minimal market activity with shares priced around $0.057 as of March 2024.