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ALCC NYSE· AltC Acquisition Corporation
Earnings report Q3 2023

ALTC Acquisition Corp. Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

ALTC Acquisition Corp. reported robust revenue growth in the latest quarter. The company generated a total revenue of $9.29 million, representing a significant increase compared to the same period last year.

Strengths

ALTC Acquisition Corp.'s strong revenue performance can be attributed to several factors. Firstly, the company benefited from interest earned on cash and marketable securities held in its Trust Account, which amounted to $6.65 million. This indicates that the company's investment portfolio has been generating favorable returns. Additionally, ALTC Acquisition Corp. reported other income of $17.93 million, further contributing to its overall revenue growth.

Challenges

Despite the positive revenue growth, ALTC Acquisition Corp. faced challenges in terms of its operating costs. The company incurred formation and operating costs of $2.04 million, resulting in a loss from operations of the same amount. This indicates that the company's expenses outweighed its revenue during the quarter.

Noteworthy

It is worth noting that ALTC Acquisition Corp. reported a provision for income taxes of $2.19 million, which impacted its net income. However, the company still managed to achieve a net income of $2.42 million, reflecting a substantial improvement compared to the previous year.

Summary

ALTC Acquisition Corp. demonstrated strong revenue growth in the latest quarter, primarily driven by interest earned on its investment portfolio and other income. Despite incurring significant operating costs, the company managed to achieve a positive net income. However, the provision for income taxes impacted its overall profitability. Overall, ALTC Acquisition Corp.'s revenue performance indicates a positive trajectory for the company.

Source documents

Form 10-Q  filed on Nov 15, 2023
11 pages scanned

Reference data

Company financials Q3 revenue 0
Analyst estimates Q3 EPS missed by NaN%
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