GivBux, Inc. reported significant financial developments for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenue surged to $257.9 million for the third quarter of 2024, a remarkable increase of 294% from $65.5 million in the prior year. For the nine-month period, revenue reached $330.3 million, up from $131.0 million in 2023. Gross profit for the third quarter also rose to $115.7 million, compared to $65.5 million in the same quarter of 2023, while gross profit for the nine months increased to $188.1 million from $131.0 million.
Despite the revenue growth, GivBux reported a net loss of $224.4 million for the third quarter of 2024, a decrease from a net loss of $319.5 million in the same period of 2023. For the nine months, the net loss expanded to $3.0 million from $904.0 million in the previous year. The company’s total operating expenses for the third quarter decreased to $250.5 million from $355.7 million in 2023, indicating a strategic effort to manage costs.
The balance of total stockholders’ deficit as of September 30, 2024, was $(7.0 million), a significant increase from $(14,562) in the previous year. The accumulated deficit also rose to $(3.2 million) from $(2.2 million) year-over-year. The company’s cash position improved, with cash at the end of the period totaling $64.7 million, compared to $31.1 million in 2023.
GivBux has been actively expanding its operations, with the number of sales associates increasing from fewer than 100 to over 1,000 during the quarter. The company initiated beta testing of the GivBux App in June 2024, aiming to enhance its market presence.
In terms of financing, GivBux raised $279.4 million through convertible notes during the nine months ended September 30, 2024, compared to $21.0 million in the same period of 2023. However, the company also reported substantial doubt about its ability to continue as a going concern due to financial uncertainties, prompting management to plan for additional operating funds through equity and/or debt offerings.
The company identified material weaknesses in its internal controls over financial reporting and is taking steps to address these issues, including hiring qualified accounting personnel and enhancing IT systems. GivBux remains classified as an "emerging growth company," allowing it to benefit from reduced disclosure requirements until certain conditions are met.
About GIVBUX, INC.
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