Wed, Aug 14, 9:31 PM (27 days ago)
For the quarter ending June 30, 2024, Reliant Holdings, Inc. reported a significant revenue increase of 150.1% to $951,177, driven by pool sales and the sale of their first custom home, which generated $540,000. However, cost of goods sold surged 243.3% to $721,352, leading to a gross margin of $229,825, down from 44.7% to 24.2% of revenue. Operating expenses rose by 50.4%, mainly due to commissions related to home sales, resulting in a net loss of $111,696, compared to a loss of $59,899 in the same quarter of 2023. For the six months ending June 30, 2024, total revenue reached $1,526,935, a 29.8% increase year-over-year, with notable contributions from home sales. The company reported net income of $13,605, a turnaround from a loss of $29,930 in the prior year. Cash flow from operations was positive at $311,447, contrasting with a cash outflow of $278,263 in 2023. The company has identified potential uncertainties due to market conditions affecting demand for pools, prompting a strategic review of operations and potential acquisitions. Reliant's working capital stood at $137,144 as of June 30, 2024, with no immediate need for additional funding.