LQR House Inc. Delivers 19.95% Year-Over-Year Revenue Growth in November 2024 Compared to November 2023, Achieves a 61% Month-Over-Month Surge in November 2024 Compared to October 2024 and Regains Compliance With Nasdaq Minimum Bid Price Requirement
MIAMI BEACH, FL / ACCESSWIRE / December 16, 2024 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:YHC), a niche ecommerce platform specializing in the spirits and beverage industry, has announced impressive financial results for November 2024, highlighting a 19.95% increase in revenue year-over-year (YOY) compared to November 2023, and a significant 61% month-over-month (MoM) revenue increase from October to November 2024.
The Company believes that this growth showcases LQR House's ongoing commitment to innovation and its ability to scale operations successfully in a highly competitive market.
In November 2023, the Company generated $320,666.51 in revenue. For November 2024, LQR House reported $384,662.12-an increase of $63,995.61. Additionally, the month-over-month revenue jumped from October 2024 ($238,159.57) to November 2024 ($384,662.12), which underscores LQR House's robust performance during the critical holiday season. This achievement is particularly noteworthy, as November 2024's revenue figures do not include Cyber Monday sales (December 2, 2024), unlike the November 2023 numbers, which benefitted from Cyber Monday.
Sean Dollinger, CEO of LQR House, shared his enthusiasm for the results "November kicks off the busiest season for alcohol sales, including Black Friday, making it one of our favorite times of the year. With Cyber Monday falling in December this year, we faced the challenge of surpassing last November's numbers without those additional sales. The LQR House team rose to the occasion, and we delivered. Many investors closely following our journey may have questioned whether we can sustain our growth momentum since acquiring CWSpirits.com in November 2023. We believe that achieving a 19.95% year-over-year revenue increase in November-and a 61% month-over-month jump-confirms our ability to scale the platform and potentially lead in alcohol marketing. It's a significant win for the team, and we are committed to building on this success."
The Company believes that its November's results highlight LQR House's ability to adapt to shifting market dynamics and leverage seasonal opportunities effectively. The Company continues to prioritize innovation, customer engagement, and strategic partnerships to drive sustained growth in the e-commerce spirits sector.
Additionally, on December 13, 2024m LQR House received a notice from the Nasdaq Capital Market ("Nasdaq") informing the Company that it regained compliance with Nasdaq's minimum bid price requirement for continued listing on set forth in Nasdaq Listing Rule 5550(a)(2). According to the notice, on August 12, 2024, Nasdaq notified the Company that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of The Nasdaq Stock Market. Since then, Nasdaq has determined that for the last 10 consecutive business days, from November 29 through December 12, 2024, the closing bid price of the Company's common stock has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2), and this matter is now closed.
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 the 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 over 550 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, 2023, 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, 2023, 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.
