10-Q - Elvictor Group, Inc. (0001741489) (Filer)

Wed, May 15, 3:40 PM (12 days ago)

Elvictor Group, Inc. reported a net income of $77,113 for Q1 2024, a significant improvement from a net loss of $8,410 in Q1 2023. Total revenue decreased by 9.4% to $572,709, primarily due to lower crew management and agency fees. However, operating expenses were reduced by 26.1% to $372,948, driven by a 31.0% reduction in salaries. Cash flow from operations saw an outflow of $274,401, attributed mainly to changes in receivables and payables. The company ended the quarter with $420,256 in cash, down from $699,346 at the end of 2023. Elvictor Group is focusing on cost-saving measures and revenue enhancement strategies to improve profitability. The company is also addressing industry challenges such as crew shortages and increasing wage demands by implementing proactive recruitment and training strategies. Future operations may be impacted by global economic conditions and geopolitical tensions, but the company is taking steps to mitigate these risks.