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Fundamental Global Inc. (FGFPP-1.61%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $10,453,000 from $4,086,000 in the same quarter the previous year. The increase is attributed to the addition of reinsurance premium revenue and increased demand from cinema operators for installation services.
Expenses for the quarter were $15,541,000, compared to $8,133,000 in the same quarter of the previous year. This increase is due to the addition of the FGF business operations following the merger in February 2024.
The company reported a loss from operations of $5,088,000 for the quarter, compared to $4,047,000 in the previous year, with the decline attributed to higher general and administrative costs.
Net loss from continuing operations was $5,242,000, up from $3,854,000 in the previous year. The increase is due to increased general and administrative costs related to both operating Strong Entertainment as a separate public company and the addition of FGF.
For the nine months ended September 30, 2024, total revenue increased to $23,582,000 from $10,556,000 in the previous year. This increase is driven by the addition of reinsurance premium revenue and growth in revenue from STS.
Total expenses for the nine months were $41,306,000, up from $25,543,000 in the previous year. The increase is primarily due to the addition of the FGF business operations and increased costs of revenue and selling, general and administrative expenses.
Loss from operations for the nine months was $17,724,000, compared to $14,987,000 in the previous year, with the decline attributed to increased general and administrative costs and a non-cash impairment loss related to the sale of Digital Ignition.
Net loss from continuing operations for the nine months was $16,168,000, up from $14,927,000 in the previous year. The increase is due to increased general and administrative costs and a non-cash impairment loss related to the sale of Digital Ignition.
The filing also details various business developments, including the merger with FG Group Holdings, Inc. and the acquisition agreement with FG Acquisition Corp. and Strong/MDI Screen Systems, Inc.
Fundamental Global continues to focus on its business segments, including reinsurance, merchant banking, and managed services, and highlights its dependence on a few large customers for a significant portion of its sales.
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. 8.00% Cumulative Series A Preferred Stock quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.