Anzeige
Mehr »
Login
Samstag, 05.10.2024 Börsentäglich über 12.000 News von 690 internationalen Medien
Citibank´s $3.000-Gold-Prognose und die $60-Millionen-Wette, die den Mining-Sektor neu definieren könnte
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: A4054X | ISIN: US55317F2074 | Ticker-Symbol:
NASDAQ
04.10.24
19:21 Uhr
2,665 US-Dollar
-0,025
-0,93 %
Branche
Dienstleistungen
Aktienmarkt
Sonstige
1-Jahres-Chart
MGO GLOBAL INC Chart 1 Jahr
5-Tage-Chart
MGO GLOBAL INC 5-Tage-Chart
ACCESSWIRE
223 Leser
Artikel bewerten:
(1)

MGO Global Reports Second Quarter 2024 Financial Results

MIAMI, FL and LONDON, UK / ACCESSWIRE / August 20, 2024 / MGO Global Inc. (NASDAQ:MGOL), a digitally-native, lifestyle brand portfolio company, ("MGO," "MGO Global" or the "Company"), today announced its second quarter 2024 financial results for the three and six months ended June 30, 2024.

Financial Highlights

  • For the six months ended June 30, 2024, revenues from the sales of the Company's Stand Flagpoles' line of products climbed 18% to $2.10 million as compared to $1.77 million reported for the first half of 2023. Revenues for the three month period ended June 30, 2024 totaled $1.43 million - down 17% from $1.72 million for the same three months in the prior year.

  • Gross profit margin improved, rising to 75.4% from 70.2% for the comparable six month reporting periods, and increased to 75.7% from 70.5% for the three months ended June 30, 2024 and 2023, respectively.

  • Net loss attributable to MGO stockholders totaled $2.64 million, or $1.57 loss per share, for the first half of 2024 as compared to a net loss of $2.50 million, or $1.79 loss per share, reported for the first six months of 2023. For the three months ended June 30, 2024 and 2023, net loss attributable to MGO stockholders was $2.47 million, or $1.35 loss per share, and $1.34 million, or $0.94 loss per share, respectively.

  • As of June 30, 2024, cash on hand was $1.30 million - up 56% from $836,446 as of December 31, 2023.

Key Operational Highlights

  • On March 21, 2024, MGO assigned its rights and obligations under its global license agreement with Leo Messi Management ("LLM") to Centric Brands, LLC ("Centric"), a global leading lifestyle brand collective, in a transaction that resulted in Centric paying MGO $2 million in cash and assuming the obligation to pay 1.5 million Euros in aggregate royalty payments to LMM in accordance with the terms of the license agreement. The Company has reflected The Messi Store business' historical results for the three and six months ended June 30, 2024 and 2023 as discontinued operations in its consolidated financial statements for the periods presented.

  • On June 18, 2024, MGO signed a definitive Business Combination Agreement with Heidmar, Inc. ("Heidmar"), a Greece-based single platform aggregator of maritime services for the drybulk, crude oil and refined petroleum product tanker industry with a unique and proven asset light business model that delivered $19.6 million of net income in 2023. Heidmar currently has more than 60 vessels under management, including drybulk, crude oil and refined petroleum product tankers with an aggregate capacity of approximately 8.3 million deadweight tons.

  • On July 18, 2024, the Company effected a reverse stock split at a 1-for-10 ratio in its efforts to regain compliance with Nasdaq's minimum bid price requirement for continued listing.

Maximiliano Ojeda, Co-Founder, Chairman and CEO of MGO, stated, "Despite a challenging macro-environment that remains dynamic with American consumers pulling back on discretionary spending, coupled with the fact that MGO has been implementing a more cost-efficient, higher return approach to marketing spend in 2024, sales of Stand Flagpoles and the brand's related direct-to-consumer product offerings, have remained relatively stable through the first six months of this year. Moreover, for the past several months we have been making steady progress advancing our anticipated, transformative business combination with Heidmar, and believe that its exciting, highly profitable business and robust future growth prospects could ultimately provide MGO's stockholders with the opportunity to realize potentially significant and sustainable value creation over the long term."

For more detailed information relating to MGO's second quarter 2024 results, please review the Company's Quarterly Report on Form 10-Q filed with the SEC this morning and accessible at www.sec.gov or on MGO's investor relations page found at www.mgoglobalinc.com.

About MGO Global Inc.

MGO Global is actively engaged in building a portfolio of independent, digitally native, lifestyle brands, which are unique and differentiated, yet all defined by distinctive, high-quality products and a shared commitment to delivering high-touch customer experiences across its ecommerce and wholesale channels. MGO is currently comprised of two business units: Americana Liberty, which markets a growing, high-end line of thoughtfully curated home and outdoor products, including Stand Flagpoles; and MGO Digital, which leverages data analytics, advanced technology-enabled marketing and our leadership's industry relationships and expertise to identify, incubate and introduce to market new, authentic lifestyle brand concepts. For more information on MGO, please visit www.mgoglobalinc.com.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to complete the proposed business combination with Heidmar, Inc., grow its businesses and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for 2023 fiscal year. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

CONTACT INFORMATION:

MGO Global Inc.
Dodi Handy, Director of Communications
Telephone: 407-960-4636
Email: ir@mgoteam.com

SOURCE: MGO Global



View the original press release on accesswire.com

© 2024 ACCESSWIRE
Tenbagger-Chance mit der nächsten BioNTech

Erinnern Sie sich, als Moderna und BioNTech von unbekannten Unternehmen zu globalen Marktführern wurden und frühzeitige Investoren reich belohnt haben?

Die Branche steht vor einem erneuten Innovationsschub – von bahnbrechenden Medikamenten bis hin zu revolutionären Therapien.

Warum sollten Sie dabei sein?

Sie sollten jetzt in Biotech-Aktien einsteigen, weil wir am Beginn einer neuen Ära der medizinischen Innovation stehen könnten! Gen- und Zelltherapien, personalisierte Medizin und bahnbrechende Technologien könnten das Gesundheitswesen revolutionieren – und die Aktienkurse in die Höhe schießen lassen.

Die nächste Erfolgsgeschichte im Biotechbereich warten nur darauf, entdeckt zu werden. Wer jetzt investiert, hat die Chance, von gigantischen Durchbrüchen und enormen Renditen zu profitieren. Warten Sie nicht, bis es zu spät ist - der nächste Biotech-Superstar könnte morgen schon durchstarten!

Verpassen Sie nicht diese Chance!

Fordern Sie sofort unseren brandneuen Biotech-Spezialreport an und erfahren Sie, welche 3 Biotech-Aktien das riesige Potenzial haben, Ihren finanziellen Erfolg zu sichern. Dieser Report ist komplett kostenlos und zeigt Ihnen zukunftsträchtige Investments im Biotech-Sektor.

Handeln Sie jetzt und sichern Sie sich Ihren kostenfreien Report!

Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.