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YOTA Nasdaq· Yotta Acquisition Corp
Earnings report Q3 2023

YOTA Acquisition Corporation Reports Strong Revenue Growth in Latest Quarter

Segments of Revenue

YOTA Acquisition Corporation, in its latest quarter ended September 30, 2023, reported robust revenue growth across its various segments. The company's revenue can be categorized into two segments: general and administrative expenses and franchise tax expenses.

  • General and administrative expenses: YOTA reported general and administrative expenses of $297.8 thousand for the quarter, representing a significant increase from $142.3 thousand in the same period last year. This growth can be attributed to the company's expansion efforts and investments in operational infrastructure.

  • Franchise tax expenses: The company incurred franchise tax expenses of $(26.1) thousand for the quarter, compared to $25.6 thousand in the prior year's quarter. This decrease can be attributed to certain tax benefits and adjustments.

Strengths

YOTA Acquisition Corporation demonstrated strong financial performance in the latest quarter, driven by several factors. The company reported a net income of $866.5 thousand, a substantial increase from $248.1 thousand in the same period last year. This growth can be attributed to higher interest income of $562.2 thousand, compared to $519.8 thousand in the prior year's quarter. Additionally, YOTA reported other income of $635.1 thousand, contributing to its overall profitability.

Management highlighted the successful execution of their investment strategy, which resulted in increased interest income. The company's prudent investment decisions and effective risk management played a crucial role in generating favorable returns.

Challenges

Despite the positive financial performance, YOTA Acquisition Corporation faced certain challenges in the latest quarter. The company reported a loss from operations of $(271.7) thousand, compared to $(167.9) thousand in the same period last year. This increase in operating loss can be attributed to higher general and administrative expenses, which outpaced the growth in revenue.

Additionally, the company incurred income tax provision of $(59.1) thousand, compared to $(103.8) thousand in the prior year's quarter. This increase in tax provision impacted YOTA's net income.

Noteworthy

It is worth mentioning that YOTA Acquisition Corporation reported a significant increase in net income for the latest quarter. The company's net income of $866.5 thousand reflects a strong financial performance and highlights its ability to generate profits.

Summary

YOTA Acquisition Corporation delivered a strong financial performance in the latest quarter, driven by robust revenue growth. The company's net income increased significantly, primarily due to higher interest income and other income. However, YOTA faced challenges in terms of increased operating loss and higher income tax provision. Overall, the company's prudent investment strategy and effective risk management contributed to its positive performance.

Source documents

Form 10-Q  filed on Dec 20, 2023
10 pages scanned

Reference data

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