LQR House Inc., a Nevada-based company operating in the beverage alcohol industry, reported its financial performance for the quarter ended September 30, 2024. The company's total revenues increased significantly to $624,464, a 266% rise from the previous year's quarter, primarily due to product revenues from the CWS Platform post-acquisition in November 2023. However, the company experienced a gross loss of $62,051 compared to a gross profit of $7,619 in the same quarter of the previous year, as it transitions its strategy towards the CWS Platform. Operating expenses decreased by 36% to $3,441,910, with general and administrative expenses dropping by 68% to $1,522,785, and sales and marketing expenses increasing by 234% to $1,919,125. The net loss for the quarter was $3,363,380, a 39% improvement from the previous year's quarter. LQR House...Show More

LQR House Inc., a Nevada-based company operating in the beverage alcohol industry, reported its financial performance for the quarter ended September 30, 2024. The company's total revenues increased significantly to $624,464, a 266% rise from the previous year's quarter, primarily due to product revenues from the CWS Platform post-acquisition in November 2023. However, the company experienced a gross loss of $62,051 compared to a gross profit of $7,619 in the same quarter of the previous year, as it transitions its strategy towards the CWS Platform. Operating expenses decreased by 36% to $3,441,910, with general and administrative expenses dropping by 68% to $1,522,785, and sales and marketing expenses increasing by 234% to $1,919,125. The net loss for the quarter was $3,363,380, a 39% improvement from the previous year's quarter. LQR House Inc. continues to explore strategies to increase customer acquisition and partnerships to improve gross margins and profitability. The company's cash and cash equivalents stood at $247,913, with an additional $3,439,467 in marketable securities. LQR House Inc. has identified the need for additional capital to fund operations and is actively seeking investment and acquisition opportunities to support its business plan.