NowVertical Group reports $12.3 million in revenue and $1.9 million in net income for Q2 2024.

From GlobeNewswire: 2024-08-15 08:00:00

In Q2 2024, NowVertical Group Inc. reported a 12% decrease year-over-year in revenue, reaching $12.3 million. Adjusted revenue, excluding recent divestitures, increased by 2% to $9.4 million. Adjusted EBITDA also saw growth, reaching $1.8 million, an 18% increase year-over-year. The company’s net income for Q2 2024 was $1.9 million, a significant improvement from the $1.1 million net loss in Q2 2023.

During the quarter, NowVertical Group focused on improving its financial position through strategic dispositions, reducing debt, and enhancing operational efficiency. The company made amendments to certain obligations, completed settlements, and welcomed new board members to strengthen its leadership team. These efforts contributed to an 18% increase in Adjusted EBITDA year-over-year.

NowVertical Group announced key business highlights, including the strategic disposition of Allegient Defense, Inc. and settlements related to previous obligations. The company also launched a new unified brand strategy and revamped website to further drive growth and strengthen its market presence. These initiatives aim to support long-term stakeholder value creation and operational excellence.

To further discuss its Q2 2024 results, NowVertical Group will be hosting an investor webinar on August 19, 2024. Management will provide insights into the financial performance and future plans of the company, followed by a question-and-answer session. Interested parties can register for the webinar on the company’s website. Additionally, detailed financial statements and analysis for Q2 2024 are available on the SEDAR+ profile of the company.



Read more at GlobeNewswire:: NowVertical Group Reports Second Quarter 2024 Financial