Tue, Nov 26, 10:12 PM (76 days ago)
US Lighting Group, Inc. (USLG) reported significant declines in financial performance for Q3 2024 compared to Q3 2023. Net sales plummeted to $151.8K from $755.2K, primarily due to reduced camper sales amid an industry downturn. Cost of goods sold decreased accordingly, leading to a gross loss of $45K. Operating expenses also fell to $247.8K from $652.5K, resulting in a net loss of $339K, an improvement from the previous year's $641K loss. For the nine months ended September 30, 2024, total revenue was $517.2K, down from $3.1M, with a net loss of $1.2M versus $791K in 2023. Cash flow from operations showed a net outflow of $262K, indicating ongoing liquidity challenges. The company’s liabilities surged to $8.9M, while shareholders' equity remained negative at $(5.8M). Future operations may hinge on capital raises or loans to sustain activities as the company navigates significant industry challenges and a competitive landscape. Management remains focused on expanding product lines and addressing inventory issues. The ongoing legal proceedings involving key executives also pose uncertainties affecting stability and investor confidence.