MIAMI, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Luminar Media Group, Inc. (OTCMARKETS: LRGR), a leading fintech company providing capital and financial services to underserved businesses, is pleased to announce its forecast for continued strong growth in the fourth quarter of 2024.
After delivering impressive financial results for the third quarter of 2024, the company—through its subsidiaries FortunCo and Fortun Advance—continues to achieve exceptional performance. Fortun Advance, in particular, has exceeded projections and is expanding its financial presence, positioning itself for sustained success as it continues its growth trajectory.
Key Financial Highlights: Q3 2024 Q4 2024 (Projected) Growth (Projected)
Funding Volume: $1,138,000 $1,650,000 45% Increase
Revenue: $307,211 $407,550 32% Increase
Total Assets: $1,926,507 $2,430,000 26% Increase
Funding Volume Trajectory:
July: $258,700, August: $389,700, September: $489,600, October (Projected): $550,000, November (Projected): $600,000, December (Projected): $650,000.
Fortun Advance continues its rapid growth trajectory, with Q4 funding projections indicating a 45% increase from Q3. This steady growth reflects the company's expanding market presence and its ongoing commitment to increasing funding operations.
Business Performance Since Acquisition:
As of September 30, 2024, Fortun Advance’s total assets had grown to $1,926,507, which includes $498,226 in cash and $1,428,281 in receivables. This is a significant improvement since Luminar Media Group’s strategic acquisition of Fortun Advance in May 2024. As part of its strategic growth plan, LRGR has begun the process of working with its attorney to change its stock symbol and rebrand the company as Fortun Corp.
Market Insights:
Small businesses are a critical growth engine for the U.S. economy, generating over $800 billion annually. Recent data shows a significant increase in the number of small business owners, further highlighting their importance to economic growth and job creation.
Gianinna Nicoletti, Vice President of Operations for Fortun Advance, shared her thoughts on the company’s performance and future outlook:
"The momentum we've built in just a few short months highlights our strategic approach to supporting the small business community. Our tailored funding solutions have been instrumental in their success. Looking ahead to the final quarter of 2024 and into 2025, we are confident that strong market demand, combined with our commitment to innovation and exceptional customer service, will continue to drive Fortun's growth."
Yoel Damas, President, added: “Fortun has positioned itself as a crucial partner for small businesses, offering flexible, revenue-based funding solutions that are essential for their growth. With many entrepreneurs facing challenges in accessing traditional financing, Fortun’s commitment to providing accessible funding has strategically placed it in this underserved market.”
About Luminar Media Group, Inc.
Headquartered in Miami, Florida, Luminar Media Group, Inc. is a pioneering fintech company specializing in financial solutions for underserved communities, with a focus on Latino and minority-owned businesses. Leveraging innovative strategies and a commitment to excellence, Fortun empowers businesses to drive economic growth.
Forward-Looking Statements.
This release contains forward-looking statements that reflect Luminar Media Group's current strategies and expectations for future performance. Actual results may differ materially due to various risks and uncertainties. Investors are encouraged to review the company’s filings with the SEC for further information.
The financial data presented in this release is subject to review by independent accountants and may be adjusted before final reporting. Please note that the information provided is preliminary and should not be considered final until it has undergone a full review.
For more information, please contact:
Robert Rico
Investor Relations
Phone: 305-283-9237
Email: Robert@Fortunco.com
Follow us on X: [@FortunCorp](https://x.com/FortunCorp)
