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Fundamental Global Inc. (FGF0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's financial performance, including a net loss from continuing operations of $22.9 million, compared to a net loss of $12.3 million in the previous year. This increase is attributed to higher operating expenses and losses from equity and other holdings.
Total revenue for the year was $17.3 million, up slightly from $17.1 million in 2023. The increase in revenue was primarily driven by growth in the managed services segment.
The managed services segment reported revenue of $32.0 million, a 20.7% increase from $26.5 million in 2023, due to higher demand for services and the acquisition of Innovative Cinema Solutions.
The merchant banking segment reported a net loss on equity holdings of $14.7 million, up from a $9.4 million loss in 2023, reflecting higher non-cash equity method losses.
The company completed several strategic transactions during the year, including a merger with FG Group Holdings, Inc. and the acquisition of Strong Global Entertainment, Inc.
Fundamental Global also reported its plan to sell its reinsurance business, with a portion of the business already classified as held for sale as of December 31, 2024.
The company ended the year with cash and cash equivalents of $7.8 million, up from $6.0 million at the end of 2023, primarily due to proceeds from asset sales.
The filing includes a discussion of various risk factors, including the competitive market for its products and services, dependency on key customers, and potential impacts from economic conditions.
Fundamental Global's management has evaluated the effectiveness of its internal controls over financial reporting and concluded they were effective as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fundamental Global Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.