Arvana Inc. reported its financial results for the third quarter of 2024, revealing a decline in revenue and an increase in net losses compared to the same period in the previous year. For the three months ended September 30, 2024, the company generated total revenue of $6,134, a decrease of 42% from $10,580 in the same quarter of 2023. For the nine-month period, revenue also fell to $19,964 from $23,634, marking a 15.5% decline. The company's net loss for the third quarter was $101,714, down from a loss of $120,727 in the prior year, while the nine-month net loss improved significantly to $376,974 from $1,163,396.
The financial performance reflects a strategic shift following the acquisition of Down 2 Fish Charters, LLC in February 2023, which has been a key focus for Arvana. The company has been working to integrate this subsidiary into its operations, which primarily offers fishing charter services in Florida. Despite the revenue decline, operating expenses decreased to $101,770 for the third quarter, down 20.3% from $127,713 in the same quarter of 2023, attributed to reductions in general and administrative costs, including share-based compensation and executive payroll.
Operationally, Arvana's total assets decreased to $178,600 as of September 30, 2024, from $216,549 at the end of 2023, primarily due to a reduction in cash and cash equivalents. Current liabilities surged to $1,232,760, up from $338,487 at the end of 2023, largely due to the reclassification of long-term debt related to the Down 2 Fish acquisition. The company reported a working capital deficit of $1,223,403, indicating ongoing liquidity challenges. As of the reporting date, Arvana had no firm commitments for additional funding, raising concerns about its ability to continue as a going concern.
Looking ahead, Arvana plans to expand its marketing efforts and service offerings, including potential dolphin tours, to attract more customers and increase revenue. However, the company acknowledges that significant capital will be required to finance these initiatives, and it is currently exploring financing options. Management expects to continue incurring net losses as it implements its business model, with the fishing season expected to taper off in the fourth quarter of 2024. The company remains focused on securing additional funding to support its operations and growth strategies.
About ARVANA INC
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