DriveItAway Holdings Reports 136% Revenue Growth in Q2 Fiscal 2025 Despite Net Loss

DriveItAway Holdings, Inc. reported its financial results for the second quarter of fiscal year 2025, revealing a significant increase in revenue compared to the same period last year. For the three months ended March 31, 2025, the company generated revenues of $210,665, a 136% increase from $89,307 in the prior year. For the six-month period, revenues reached $452,611, up from $185,810 in the same timeframe last year. Despite this growth in revenue, the company reported a net loss of $447,958 for the quarter, slightly improved from a loss of $476,215 in the previous year, and a net income of $8,505 for the six months, contrasting with a loss of $1,191,644 in the prior year.

The company’s operating expenses also saw a notable increase, totaling $268,240 for the three months ended March 31, 2025, compared to $130,725 in the same period last year. This rise was attributed to higher professional fees and general administrative costs, which amounted to $97,429 and $115,886, respectively. The increase in operating expenses contributed to an operating loss of $238,664 for the quarter, compared to a loss of $118,494 in the same quarter of the previous year. The company’s total liabilities decreased slightly to $4,896,097 from $5,027,699 as of September 30, 2024, while stockholders' deficit improved to $3,896,097 from $3,959,602.

In terms of operational developments, DriveItAway has been focusing on expanding its service offerings and geographic reach. The company is preparing to launch a new consumer app aimed at facilitating the acquisition of electric vehicles, which aligns with its strategy to enhance its subscription-based mobility platform. The company also formed a new subsidiary, DIA Leasing, LLC, in April 2024, to further support its leasing operations. As of March 31, 2025, DriveItAway had 113,951,722 shares issued, reflecting a slight increase from the previous period, and the company continues to explore additional capital resources to support its growth initiatives.

The company’s cash position improved, with cash and cash equivalents rising to $51,170 from $33,588 as of September 30, 2024. However, DriveItAway reported cash used in operating activities of $161,862 for the six months ended March 31, 2025, indicating ongoing challenges in achieving operational profitability. The management has acknowledged the need for additional capital to sustain operations and has outlined plans to secure funding through equity sales and traditional financing methods. The company’s ability to continue as a going concern remains contingent on its success in obtaining sufficient capital to cover operating losses until it reaches profitability.

Looking ahead, DriveItAway Holdings, Inc. aims to leverage its technological advancements and market positioning to enhance its service offerings and expand its customer base. The company is optimistic about the potential of its new electric vehicle subscription platform and is actively seeking to improve its financial stability through strategic initiatives and partnerships. However, the management has cautioned that there are no guarantees regarding the successful execution of these plans or the attainment of profitability in the near term.