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State: 17.08.2024 | 11PM
Thu, 14.11.2024       Nature's Miracle
US63903P1003

~ Revenue Growth of 13.5% to $3.1 Million from Q3 2023~

ONTARIO, Calif., Nov. 14, 2024 /PRNewswire/ -- Nature's Miracle Holding Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, today announced its financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial and Business Updates

Revenue for the third quarter of 2024 increased 13.5% to $3.1 million compared to $2.7 million in the same year ago period.Gross profit of $228,113 and $158,768 for the third quarter of 2024 and 2023, respectively.Gross margin expanded by 160 basis points to 7.5% from 5.9% in the third quarter of 2023.Net loss of $2.8 million as compared to net loss of $0.4 million in the third quarter of 2023.Adjusted EBITDA for the third quarter of 2024 was a loss of $1.1 million compared to a loss of $0.2 million in the same year ago period.Completed $2.1 million of debt reduction with forgiveness agreement from Uninet Global Inc. which improved its shareholder equity position.Delivered first shipment of Efinity brand dehumidifier product to Fiacre Inc., a major indoor grower in the San Francisco Bay Area.Received record $2.4 million purchase order of Efinity LED grow lights from a top indoor grower.Entered a sales order agreement with What Rebates for $5.1 million of grow light products for use by the U.S. energy rebate market that will contribute to 2024 full year revenue.Closed an underwritten public offering for gross proceeds of $1.2 million in July.
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