Luminar Media Group, Inc. (OTCMARKETS: LRGR) has announced its financial results for the third quarter of 2024, revealing substantial growth and performance that exceeded forecasts. The company, specializing in revenue-based finance for small businesses, particularly those owned by Hispanics and minorities, reported a funding volume of $1,138,000, surpassing the anticipated $1,108,700. This achievement underscores the company's commitment to serving underserved markets and its ability to outperform expectations.
The financial details further reveal that Luminar Media Group's receivables at the end of Q3 were $1,428,281.47, with collected receivables for the quarter reaching $352,729.33, exceeding the forecast of $1,650,963. Revenue for the quarter stood at $307,211.00, also surpassing the forecasted $298,540 in commission and fee income. With total assets amounting to $1,926,507 and cash on hand of $498,226.39, the company's financial health appears robust.
Month-over-month funding growth was notable, with July funding at $258,700, August at $389,700 (a 51% increase), and September at $489,600 (a 25% increase). The company funded 169 deals in Q3, averaging $6,733 per deal. Since its inception, Luminar Media Group has expanded its operations to 17 states, with Florida accounting for 76% of total funding. The company serves 35 industries, with Trucking/Transport, Construction, and Auto Sales/Repair being the top three.
Yoel Damas, Chairman and President, attributed the quarter's success to the company's core funding strategies and dedication to shareholder results. He also mentioned the adverse impact of Hurricane Helene on Florida, the company's largest funding market, in late September, which slightly tempered the otherwise stronger results. Despite this challenge, Luminar Media Group met all its quarterly goals and remains focused on supporting the rebuilding efforts in Florida.
Looking ahead, Luminar Media Group is poised to continue its strategic focus on creating long-term value and expanding its funding operations, especially for Hispanic-owned and underserved small businesses. The company's impressive Q3 performance and growing operational footprint position it favorably to seize further growth opportunities. This success story highlights the critical role of alternative financing in empowering underserved communities and fostering economic diversity.
Investors and industry watchers should note that the presented financial data is preliminary and awaits independent accountants' review. The company's future performance will be closely monitored as it further extends its influence in the small business financing sector. For more details on Luminar Media Group's financial achievements, visit their OTC Markets page.
