Revenue More Than Doubled Year-Over-Year as Company Restructures for Long-Term Growth and Profitability
MIAMI BEACH, FLORIDA / ACCESS Newswire / April 1, 2025 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:YHC), a niche ecommerce platform specializing in the spirits and beverage industry, today announced its 2024 audited revenue results for the twelve-month period ended December 31, 2024. The results have been described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission, which is available for public viewing at https://www.sec.gov/search-filings and on the Company's website: https://invest.lqrhouse.com/annual-reports/.
Key Financial Highlights
Revenue increased by 123.2%, reaching $2,501,660 for the year ended December 31, 2024, compared to $1,120,622 for the same period in 2023.
Operating expenses for 2024 were high for LQR House due to the implementation of retention and severance packages. These measures were introduced as part of a broader corporate restructuring effort initiated in collaboration with activist investor David Lazar and the appointment of a newly structured board of directors. These short-term expenses were viewed as strategic investments, positioning the Company to pursue its long-term growth objectives and profitability. LQR House believes these actions will lead to more meaningful growth and operational efficiency in 2025 with the goal of being EBIDA positive in 2025.
Sean Dollinger, CEO of LQR House, commented "2024 was a transformative year for LQR House-marked by significant growth and a number of challenges. We took critical steps to position the Company for long-term success, including restructuring the team, discontinuing high-cost verticals, and bringing on new board members who are focused on disciplined cost management and expanding our presence internationally. As reflected in our monthly press releases, we're continuing to grow both our core e-commerce platform and the SWOL Tequila brand. We believe our 2024 growth is a result of a leaner, more focused organization. While we acknowledge there is more work to be done, I'm incredibly proud of the progress we've made and optimistic about the path ahead."
LQR House's financial statements were prepared in accordance with generally accepted accounting principles in the United States ("GAAP").
The Company remains committed to transparency, growth, and delivering long-term value to shareholders through continued operational efficiency and strategic expansion.
About LQR House Inc.
LQR House intends to become a prominent force in the wine and spirits e-commerce sector, epitomized by its flagship alcohol marketplace, cwspirits.com. This platform seamlessly delivers a diverse range of emerging, premium, and luxury spirits, wines, and champagnes from esteemed retail partners like Country Wine & Spirits. Functioning as a technology-driven hub, LQR House utilizes software, data analytics, and artificial intelligence to elevate consumer experience. CWSpirits.com stands out as the go-to destination for modern, convenience-oriented shoppers, providing a curated selection of alcohol products delivered to homes across the United States. Beyond its role in an e-commerce sector, LQR House is a marketing agency with a specialized focus on the alcohol industry. The Company measures campaign success by directly correlating it with sales on CWSpirits.com, demonstrating a return on investment. Backed by an influential network of around 460 figures in the alcohol space, LQR House strategically drives traffic to CWSpirits.com, enhancing brand visibility. LQR House intends to disrupt the traditional landscape of the alcohol industry, driven by its dedication to providing an unparalleled online purchasing experience and delivering tailored marketing solutions.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Shareholders can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. Forward-looking statements contained in this press release are made only as of the date of this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in other reports and documents that the Company files from time to time with the United States Securities and Exchange Commission (the "SEC"). You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the headings "Risk Factors". Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in other reports and documents that the Company files from time to time with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. References and links to websites have been provided as a convenience, and the information contained on such websites has not been incorporated by reference into this press release.
