LM Funding America, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 14, 2023 at 08:53 am EDT
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LM Funding America, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 0.037155 million compared to USD 0.04058 million a year ago. Revenue was USD 3.2 million compared to USD 0.234533 million a year ago. Net loss was USD 4.55 million compared to net income of USD 2.84 million a year ago. Basic loss per share from continuing operations was USD 2.1 compared to basic earnings per share from continuing operations of USD 1.32 a year ago. Diluted loss per share from continuing operations was USD 2.1 compared to diluted earnings per share from continuing operations of USD 1.32 a year ago.
For the six months, sales was USD 0.076986 million compared to USD 0.079452 million a year ago. Revenue was USD 5.51 million compared to USD 0.425537 million a year ago. Net loss was USD 9.94 million compared to USD 2.88 million a year ago. Basic loss per share from continuing operations was USD 4.56 compared to USD 1.32 a year ago. Diluted loss per share from continuing operations was USD 4.56 compared to USD 1.32 a year ago.
LM Funding America, Inc. together with its subsidiaries, is a cryptocurrency mining and technology-based specialty finance company. Its segments include Specialty Finance and Mining Operations. It offers funding to nonprofit community associations (Associations) primarily located in the state of Florida. It provides incorporated nonprofit community associations. Its original product offering consists of providing funding to Associations by purchasing their rights under delinquent accounts that are selected by the Associations arising from unpaid Association assessments. In addition to its original product offering, the Company also purchase accounts on varying terms to suit each Associationâs financial needs, including under its New Neighbor Guaranty program. Under New Neighbor Guaranty program, an Association assigns substantially all of its outstanding indebtedness and accruals on its delinquent units to the Company in exchange for payment of monthly dues on each delinquent unit.