Business
LICT Corporation Reports Preliminary Unaudited Fourth Quarter and Full Year 2024 Results
LICT Corporation Reports Preliminary Unaudited Fourth Quarter and Full Year 2024 Results.
About this update from Lict Corp.
[{"type":"text","content":"\nLICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) reports unaudited, preliminary financial results for the quarter ended December 31, 2024. Financial results for 2023 included MachTen (OTC Pink®: MACT) results which was spun off on August 31, 2023 and is presented as discontinued operations.\n\nThe unaudited results in this press release are preliminary and subject to the completion of final accounting procedures, including the evaluation of goodwill impairment, and annual audit completion and are therefore subject to adjustment.\n\nUnaudited Results – Fourth Quarter\n\nTotal revenues in the fourth quarter of 2024 were $33.4 million from $29.6 million in 2023.\n\nNon-regulated revenues increased 5.5% to $19.1 million from the prior year’s fourth quarter, $18.1 million, driven by sales of broadband services and high-speed data circuits. Further, our results for the fourth quarter of 2024 include $0.8 million in revenues from the Manti non-regulated entities (which were acquired on December 1, 2023) versus $0.3 million in 2023.\n\nRegulated revenues were $14.3 million in the fourth quarter of 2024, reflecting an increase of $2.8 million (24.3%) compared to $11.5 million in the same period of the prior year. This growth was primarily attributable to the acceptance of Enhanced ACAM (E-ACAM), which contributed an incremental $3.5 million to regulated revenues for the quarter.\n\nTotal EBITDA was $12.9 million in the fourth quarter of 2024 as compared to $11.6 million in 2023, an increase of $1.3 million (11.2%). The increase in EBITDA was driven by the election of E-ACAM in our regulated business, which was offset by higher operating expenses, including labor and material costs, professional and engineering fee expenses.\n\nNon-regulated EBITDA in the fourth quarter was $6.4 million compared to $7.7 million last year, a decrease of $1.3 million (16.9%). Regulated EBITDA in the fourth quarter of 2024 was $6.5 million compared to $3.8 million during the same period last year, an increase of $2.7 million (71.1%), driven by E-ACAM and partially offset by increases in operating expenses.\n\nThe fourth quarter of 2023 included a $3.5 million non-cash goodwill impairment charge related to the Iowa/Wisconsin subsidiaries.\n\nTotal other income increased by $6.4 million to $6.2 million...