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Triller Group Inc. (ILLRW-5.92%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial performance, including a decrease in total revenues to $18.017 million from $41.651 million in the same period the previous year, primarily due to economic recession and outward migration in Hong Kong.
Operating expenses were reduced to $43.801 million from $77.970 million, reflecting a decrease in commission expenses and legal and professional fees.
Net loss for the period was $28.849 million, compared to $35.579 million in the previous year, with the improvement attributed to cost control measures.
The company reported a working capital deficit of $40.489 million as of September 30, 2024, up from $22.221 million as of December 31, 2023.
Cash used in operating activities was $20.742 million, while cash provided by investing and financing activities was $2.580 million and $18.254 million, respectively.
The report highlights the completion of a merger transaction with Triller Corp., resulting in the issuance of 107,674,877 shares of common stock.
The company continues to focus on expanding its distribution business and broadening its product range, despite the challenging economic environment.
Triller Group Inc. is actively seeking additional capital to support its operations and growth initiatives, acknowledging its dependence on positive cash flow and potential financing.
The filing also notes ongoing legal proceedings, including cases related to trademark infringement and alleged misrepresentation, with outcomes currently uncertain.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Triller Group Inc. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.