Summary by Futu AI
Lottery.com reported Q3 2024 financial results, with revenue of $200,655, down from $285,523 in Q3 2023. The company recorded a net loss of $8.05 million, compared to a $3.40 million loss in the same period last year. Impairment charges of $4.30 million for goodwill and intangible assets significantly impacted the results.Operating expenses increased to $3.75 million from $3.37 million year-over-year, primarily due to higher professional fees. The company's cash position declined to $60,466 as of September 30, 2024, from $359,826 at the end of 2023. Lottery.com continues to face challenges in restarting operations after its July 2022 operational cessation.Management is focused on restarting core businesses and regaining Nasdaq compliance. The company entered into a $100 million equity purchase agreement with Generating Alpha Ltd. in November 2024 to improve its financial position. Lottery.com remains subject to ongoing legal proceedings and regulatory scrutiny as it works to address past issues and resume normal operations.
