Business
LiveToBeHappy Reports Record Second Quarter 2022 Results; 2022 YTD Revenues Increase 35% YoY to $5.4 Million
LiveToBeHappy Reports Record Second Quarter 2022 Results; 2022 YTD Revenues Increase 35% YoY to $5.4 Million.
About this update from Cavu Resources Inc.
[{"type":"text","content":"\n CHARLOTTE, N.C., Aug. 23, 2022 (GLOBE NEWSWIRE) -- LiveToBeHappy, Inc. (OTC: CAVR) (“LTBH” or the “Company”), a vertically integrated lifestyle services company, today announced financial results for the second quarter ended June 30, 2022.   Recent Company Highlights Revenues increased 35% year-over-year to $5.4 million in the first six months of 2022Achieved positive net income of $274 thousand in the second quarter of 2022 compared to a net loss of $152 thousand in the prior year quarter Management Commentary “The significant increase in year-to-date revenue and positive net income in the second quarter is a reflection of the significant transformation that LTBH has undergone over the last year,” said Kevin Cox, Chief Executive Officer of LTBH. “We executed well against our core strategy of identifying and purchasing undervalued assets and building them into strong lifestyle brands, which allows us to generate value for various consumer-centric sectors. Importantly, we remain agile in our approach to selecting acquisition candidates to align our growth opportunities with the macroeconomic environment and evolving consumer trends. As we continue to develop our holistic portfolio throughout the remainder of the year, we are well positioned to build sustainable long-term value for our shareholders and communities.” “We have worked diligently to build strength in our business model as demonstrated by our operating performance and outlook”, said Grant Edwards, Chief Financial Officer of LTBH. “Our revenue mix is increasingly resilient to external economic factors, with 54% of revenues in the second quarter attributed to our new businesses. This is a notable difference from our revenue base in 2021, which was entirely tied to the housing market.  As an emerging growth company, we are proud to have already achieved profitability on a quarterly net income basis in a relatively short period of time. After months of diligence and working alongside our partners to access capital with favorable terms, we are now preparing to close on two acquisitions that we believe will be incredible catalysts for our success.” Outlook As previously indicated, LTBH’s revenue cycle is expected to increase substantially in the third and fourth quarters of 2022. ...