Damon Inc., formerly known as Grafiti Holding Inc., reported its financial results for the second quarter of fiscal year 2024, ending December 31, 2024. The company generated revenue of $49.5 million during the quarter, marking a significant increase from zero revenue in the same period last year. The gross profit for the quarter was $28.2 million, reflecting a strong performance in its operations. The net income for the quarter was reported at $32.5 million, a notable turnaround from a net loss of $7.1 million in the prior year’s quarter.
The financial performance of Damon Inc. shows substantial changes compared to the previous fiscal period. The company’s total assets surged to $16.2 million, up from $1.8 million as of June 30, 2024. This increase is attributed to the successful business combination with Damon Motors, which was completed on November 13, 2024. The company also reported a reduction in accumulated deficit to $115.5 million from $140.6 million, indicating improved financial health.
Strategically, Damon Inc. has undergone significant organizational changes, including the acquisition of Damon Motors, which has now become a wholly-owned subsidiary. This acquisition is expected to enhance the company’s product offerings in the electric motorcycle market. The company has also made strides in expanding its customer base, with a reported increase in user statistics and engagement metrics, although specific figures were not disclosed in the filing.
Operationally, Damon Inc. has seen a rise in its employee headcount, reflecting its growth strategy and the integration of Damon Motors. The company is focused on expanding its geographic reach and increasing market share in the electric mobility sector. The filing indicates that the company is actively working on product adoption rates and enhancing customer engagement through innovative technologies and strategic partnerships.
Looking ahead, Damon Inc. acknowledges the challenges it faces, including the need for additional financing to support its growth and development plans. The company has indicated that it will continue to seek opportunities for capital to fund its operations and product development. Management remains optimistic about the future, citing the potential for increased demand for electric mobility solutions and the successful integration of its recent acquisitions as key drivers for growth. However, the company also cautions that its ability to continue as a going concern is dependent on securing necessary financing and managing operational risks effectively.
About Damon Inc.
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