Summary by Moomoo AI
Lottery.com Inc. reported a 3% YoY increase in revenue to $7.0 million for fiscal year 2023, while significantly reducing its net loss to $24.2 million from $60.0 million in 2022. The company maintained a cash position of $359,826 as of December 31, 2023, with an accumulated deficit of $235.1 million and outstanding payroll obligations of approximately $3.85 million.The company has implemented a strategic recovery plan following the suspension of operations in July 2022, successfully resuming limited B2B API operations in April 2023. Notable developments include securing a $149 million loan agreement with UCIL, receiving an $18 million investment commitment from Prosperity Investment Management, and completing the Nook Holdings acquisition for $2.31 million.Looking ahead, Lottery.com is executing a three-phase operational restart plan, with its B2C platform expected to relaunch by mid-2024. The company has regained Nasdaq compliance and launched the Sports.com app with secured streaming rights, though it continues to address material weaknesses in financial reporting controls and navigate complex regulatory requirements across multiple jurisdictions.
