CHARLOTTE, N.C., Nov. 16, 2022 (GLOBE NEWSWIRE) -- LiveToBeHappy, Inc. (OTC: CAVR) (“LTBH” or the “Company”), a vertically integrated lifestyle services company, today announced financial results for the third quarter ended September 30, 2022.
Q3 2022 Highlights
- Revenues of $4.8 million for Q3 2022, representing an increase of 1,010% year-over-year and 74% sequentially
- Revenues of $10.1 million for the nine months ended September 30, 2022, representing an increase of 129% year-over-year
- Net income of $0.6 million in Q3 2022, representing an increase of 132% in compared to Q2 2022
- Reduced liabilities by 7% since December 31, 2021
- Launched its commercial real estate and business brokage firm, Monument Real Estate Partners
Management Commentary
“We delivered another quarter of record financial performance, which validates our core strategy of building lifestyle brands while diversifying our revenue streams and acquiring profitable companies with meaningful revenue,” said Kevin Cox, Chief Executive Officer of LTBH. “As we move into the fourth quarter, we are seeing strong growth in our real estate services and health and wellness businesses and expect that momentum in these segments will continue to build well into 2023.
“We continued to develop our core real estate platform during the quarter, recently announcing the launch of our new commercial real estate and business brokage firm Monument Real Estate Partners, based in Charlotte, NC. Looking ahead, we are focused on executing and generating efficiencies across our portfolio of brands. We also continue to build our acquisition pipeline of undervalued assets that we can build into strong lifestyle brands, allowing us to strategically generate value for various consumer-centric sectors. We believe our growing portfolio, revenue and net income are positioning us to build sustainable long-term value for our shareholders and communities,” concluded Cox.
Grant Edwards, Chief Financial Officer of LTBH, added, “We continue to see positive results from our efforts to build a strong business model that enabled us to achieve another quarter of stellar operating performance, and we are proud to deliver two quarters of profitability on a net income basis. Our focus on maintaining a revenue mix that is increasingly resilient to external economic factors remains paramount to our go-forward strategy.”
Outlook
LTBH continues to expect its revenue to increase sequentially in the fourth quarter of 2022, however the Company is revising its 2022 outlook to at least $20 million due to certain operational delays. In addition, the Company expects revenue of at least $35 million in 2023, not inclusive of revenue from future acquisitions.
About LiveToBeHappy, Inc.
LiveToBeHappy, Inc. (OTC: CAVR) is a vertically integrated platform company focused on developing and building lifestyle brands. The Company acquires undervalued assets and manages a diversified portfolio of technology, education, and real estate services companies. The LTBH mission is to build lives, not just places to live. For more information, please visit our website at www.livetobehappy.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
Company Contact:
IR@LTBH.com
Investor Relations:
MZ North America
+1 949-546-6326
LTBH@mzgroup.us
