LuxUrban Q1 net loss widens to $16.8M; revenue up 27.6% to $29.1M; exits Wyndham franchise

LUXURBAN HOTELS INC.

2024-Q1 EPS reported -$0.35 revenue$29,101,207

Net rental revenue rose 27.6% YoY to $29.1M, driven by more rooms (1,535 vs 571) but lower TRevPAR.
Net loss was $16.8M vs $2.8M loss in Q1 2023; adjusted EBITDA fell to $2.5M from $4.0M.
Gross loss of $4.6M vs prior-year gross profit of $5.4M, reflecting $12.1M increase in other expenses.
Cash and equivalents $1.0M at March 31, 2024; company terminated Wyndham franchise agreements on May 6, 2024.
Priorities for 2024 include improving working capital, balance sheet, and organic revenue growth.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LUXURBAN HOTELS INC. reported the first quarter ended March 31, 2024 results: revenue $29.1 million, net income $(16.8) million.

Period: the first quarter ended March 31, 2024
Revenue: $29.1 million
Net income: $(16.8) million
Result: reported results

Exact text from the filing

this release. The Company also announced that it will file its Form 10-Q with the Securities and Exchange Commission on May 13, 2024. “We reported Q1 2024 net rental revenue of $29.1 million, a 27.6% increase from last year’s first quarter, and adjusted EBITDA of $2.5 million. Our bookings outlook as we enter the seasonally stronger spring and summer months is

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Source: SEC EDGAR

accession 0001829126-24-003301

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