LQR House Inc., a Nevada-based company operating in the beverage alcohol industry, reported its financial performance for the quarter ended June 30, 2024. The company's revenue from services saw a significant decrease from $143,235 in the previous year to $39,980, while product revenue experienced a substantial increase from $47,787 to $517,937, largely due to revenues generated from the CWS Platform acquired in November 2023. The total revenue for the quarter was $557,917, a 192% increase from the same period last year. However, the cost of revenue for products rose dramatically to $641,084, resulting in a gross loss of $152,190. Operating expenses decreased by 41% to $2,122,202, with general and administrative expenses dropping to $1,357,395 and sales and marketing expenses increasing to $764,807. The net loss for the quarter improved by 38% to $2,209,293. 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 June 30, 2024. The company's revenue from services saw a significant decrease from $143,235 in the previous year to $39,980, while product revenue experienced a substantial increase from $47,787 to $517,937, largely due to revenues generated from the CWS Platform acquired in November 2023. The total revenue for the quarter was $557,917, a 192% increase from the same period last year. However, the cost of revenue for products rose dramatically to $641,084, resulting in a gross loss of $152,190. Operating expenses decreased by 41% to $2,122,202, with general and administrative expenses dropping to $1,357,395 and sales and marketing expenses increasing to $764,807. The net loss for the quarter improved by 38% to $2,209,293. LQR House Inc. continues to focus on the CWS Platform and is exploring strategies to improve gross margins and profitability. The company's future plans include customer acquisition, new partnerships, and leveraging technology to enhance operations. Despite the net loss, management is optimistic about the company's ability to raise additional capital and execute its business plan.