Summary by Moomoo AI
Focus Universal Inc. reported Q3 2024 financial results, with revenue increasing to $74,215 from $71,854 in Q3 2023. The company posted a net income of $1.44 million, compared to a net loss of $968,033 in the same period last year, primarily due to a $3.18 million gain from the sale of its warehouse property.Operating expenses rose to $1.78 million from $1.12 million year-over-year, driven by increases in compensation, professional fees, and general administrative costs. The company's gross profit improved to $31,685 from $27,468, attributed to higher sales of LED products with better profit margins.Focus Universal ended the quarter with $5.34 million in cash, up from $428,254 at the end of 2023. The company raised $2.38 million through a registered direct offering and private placement of common stock. Despite the improved financial position, management noted ongoing concerns about the company's ability to continue as a going concern due to recurring losses and negative cash flows from operations.
