In This Story
Hour Loop, Inc. 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 revenues to $31,075,498 from $29,152,360 in the same quarter the previous year. The increase is attributed to a higher number of orders.
Cost of goods sold for the quarter was $14,036,187, slightly up from $13,819,798 in the same quarter of the previous year.
The company reported a gross profit of $17,039,311 for the quarter, compared to $15,332,562 in the previous year.
Operating expenses increased to $16,317,468 from $15,263,817, primarily due to higher platform fees and fees paid to Amazon (AMZN-3.00%).
Net income for the quarter was $469,647, compared to a net loss of $15,056 in the previous year.
Cash used in operating activities was $1,231,885 for the nine months ended September 30, 2024, compared to $3,947,280 in the previous year.
Hour Loop had a working capital of $6,688,925 as of September 30, 2024. The company continues to focus on expanding its business by increasing the number of business managers, vendors, and SKUs.
The filing also details a line of credit agreement with Taishin International Bank, with an outstanding balance of $632,911 as of September 30, 2024.
The company does not anticipate significant changes to its liquidity in the near term, despite increased working capital requirements and costs associated with being a public company.
Hour Loop acknowledges its dependence on Amazon for a significant portion of its sales, with approximately 99% of revenue generated through the platform in the reported period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hour Loop Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.