Yahoo Finance

MIAMI, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Luminar Media Group, Inc. (OTCMARKETS: LRGR), a small business revenue-based finance company with a focus on Hispanic and minority-owned businesses, has released its financial results for the 3rd Quarter of 2024. The report highlights substantial growth across key financial and operational metrics, further solidifying Fortun's expanding presence in providing essential capital to underserved markets.

Key Financial Highlights for Q3 2024:

• Funding Volume:

  • Q3: $1,138,000

  • Forecasted: $1,108,700

  • Result: Surpassed Forecast

• Receivables:

  • End of Q3: $1,428,281.47

  • Collected Receivables Q3: $352,729.33

  • Forecasted: $1,650,963

  • Result: Surpassed Forecast

• Revenue:

  • Q3: $307,211.00

  • Forecasted: $298,540 (Commission and Fee Income)

  • Result: Surpassed Forecast

• Assets:

  • Total Assets End of Q3: $1,926,507

  • Cash on Hand: $498,226.39

Funding Metrics:
                 o   July: $258,700
                 o   August: $389,700 (51% MoM Growth)
                 o   September: $489,600 (25% MoM Growth)
                 o   Number of Deals Funded in Q3: 169
                 o   Average Deal Size: $6,733
                 o   Total States Funded Since Inception: 17 (76% of total funding-Florida)
                 o   Industries Served: 35
                 o   Top 3 Industries: Trucking/Transport: 23.34%-Construction:18.14% -Auto Sales/Repair: 13.2%

Strategic Outlook

Fortun remains focused on creating long-term value as it expands its funding operations with a particular emphasis on Hispanic-owned and underserved small businesses. With strong financial results and an expanding operational footprint, the company is well positioned to capitalize on continued growth opportunities as it heads into the final quarter of 2024.

“Our 3rd Quarter results highlight the continued success of our core funding strategies and our commitment to delivering results for our shareholders,” said Yoel Damas, Chairman and President. “We believe these numbers would have been even stronger if not for Hurricane Helene, which impacted Florida—our largest funding market—in the last week of September, affecting our deal flow as the state dealt with the storm’s devastating effects. Despite these challenges, we are proud to announce that we met all our goals for the quarter and remain committed to supporting Floridians as they rebuild. Our thoughts and prayers are with all those affected by this horrific storm. We look forward to a strong finish to the year and continued growth as we move into the fourth quarter.”