Thu, Nov 14, 12:51 PM (237 days ago)
Leet Technology Inc. (LTES) reported significant improvements in its financial performance for the third quarter of 2024. Revenue surged to $158,727 from $34,288 year-over-year, primarily driven by a white label project with Smart Communications, Inc. Cost of revenue decreased to $117,897, leading to a gross profit of $40,830, compared to a loss in the previous year. Operating expenses dropped markedly to $90,206, resulting in a reduced net loss of $40,529 versus $307,372 in Q3 2023. For the nine months ending September 30, 2024, total revenue reached $703,045, a substantial increase from $179,424 in the same period last year, with a net profit of $49,798 compared to a net loss of $1,129,024. Despite this positive trend, the company faces liquidity challenges, reporting only $13,804 in cash and a working capital deficit of $4,345,409. The continuation of operations depends on securing additional financing. The reliance on a single customer accounted for 99% of revenues, highlighting potential risks in customer concentration. Future operations may be impacted by ongoing financing efforts and market conditions.