DriveItAway Holdings Reports Revenue Growth Amid Significant Financial Losses

DriveItAway Holdings, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated revenues of $206,212 for the three months ended June 30, 2025, a 93% increase from $106,871 in the same period last year. For the nine months ending June 30, 2025, revenues reached $659,208, compared to $296,595 for the same period in 2024. However, the company faced a gross profit of only $1,760 for the quarter, down from $43,828 a year earlier, and a gross profit of $174,399 for the nine months, compared to $68,370 in the previous year. The operating loss for the quarter was $333,469, significantly higher than the loss of $95,015 reported in the same quarter of 2024.

The financial position of DriveItAway has deteriorated, with total assets decreasing to $877,817 as of June 30, 2025, down from $1,068,097 at the end of the previous fiscal year. Current liabilities surged to $8,623,156, compared to $4,373,184 in September 2024, primarily due to increases in accounts payable and accrued liabilities. The accumulated deficit also widened to $9,541,948, up from $5,559,139, reflecting ongoing operational losses. The company’s stockholders’ deficit increased to $7,857,824, indicating a challenging financial landscape.

In terms of strategic developments, DriveItAway has been focusing on expanding its mobility platform, which allows car dealers to enhance vehicle sales through an app-based subscription model. The company is planning to launch a new consumer app aimed at facilitating the acquisition of electric vehicles, which is expected to broaden its market reach. Additionally, DriveItAway has made organizational changes, including the formation of DIA Leasing, LLC, a wholly owned subsidiary, to support its leasing operations.

Operationally, DriveItAway reported an increase in customer engagement, with a notable rise in accounts receivable, which grew to $6,938 from $1,438 year-over-year. The company has also been investing in software development, with expenses in this area rising to $52,200 for the quarter, compared to $10,440 in the same period last year. However, the overall employee headcount and specific user statistics were not disclosed in the filing, leaving some operational metrics unclear.

Looking ahead, DriveItAway Holdings, Inc. acknowledges the need for additional capital to sustain its operations and continue its growth strategy. The management plans to explore various funding avenues, including equity sales and traditional financing, to address its liquidity challenges. However, the company has expressed uncertainty regarding its ability to secure sufficient funding, which raises concerns about its long-term viability. The financial statements indicate that without adequate capital, the company may face significant operational risks, including the potential cessation of operations.