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LMPX OTCM· LMP Automotive Holdings Inc.
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LMPX OTCM· LMP Automotive Holdings Inc.
Earnings report Q2 2022

LMP Automotive Holdings, Inc. Reports Increase in Revenue for Q2 2022

Segments of revenue

LMP Automotive Holdings, Inc. reported a revenue increase of approximately $24 million for the quarter ended June 30, 2022, compared to the same period a year ago. This growth can be attributed to the acquisitions made by the company in 2021, which included a majority interest in 15 new vehicle franchises and 8 new dealership locations. These acquisitions allowed LMP Automotive Holdings, Inc. to expand its offerings and provide a comprehensive range of products and services throughout the vehicle ownership lifecycle, including new and used vehicles, finance and insurance products, and automotive repair and maintenance.

Strengths

LMP Automotive Holdings, Inc. demonstrated strength in its financial performance with a significant increase in revenue for the second fiscal quarter of 2022 compared to the same period in the prior year. The company's strategic acquisitions played a crucial role in driving this growth, enabling LMP Automotive Holdings, Inc. to broaden its market presence and diversify its revenue streams. The management comments indicate that the business remains viable and the company maintains a sufficient cash position, further highlighting its financial strength.

Challenges

While LMP Automotive Holdings, Inc. experienced revenue growth, it is important to note that the increase was primarily driven by acquisitions. This raises the challenge of sustaining organic revenue growth in the future. The company will need to focus on effectively integrating and leveraging its acquired assets to ensure continued success.

Noteworthy

LMP Automotive Holdings, Inc. has not filed its Form 10-Q for the period ended March 31, 2022, and is currently evaluating certain financial presentation matters and material weaknesses in its controls over financial reporting. These evaluations may impact the restatement of its financial statements and the filing of its quarterly report. It is essential for investors to monitor the company's progress in addressing these matters.

Summary

LMP Automotive Holdings, Inc. reported a notable increase in revenue for the second fiscal quarter of 2022, primarily driven by acquisitions made in 2021. The company's strategic expansion allowed it to offer a comprehensive range of products and services, contributing to its overall financial strength. However, the challenge lies in sustaining organic revenue growth in the future. Investors should closely monitor the company's progress in addressing financial presentation matters and material weaknesses in its controls over financial reporting.

Source documents

Form NT 10-Q  filed on Aug 16, 2022
14 pages scanned

Reference data

Company financials Q2 revenue 141M
Analyst estimates Q2 EPS beat by 129.73%
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