Transportation and Logistics Systems, Inc. Announces Financial Results for the Year Ended December 31, 2022

About this update from Transportation And Logistics Systems, Inc.

[{"type":"text","content":"Late 2022 Acquisitions Spark41% Year-Over-Year Revenue Growth and1,961% Gross Profit Margin ImprovementJUPITER, FL / ACCESSWIRE / March 31, 2022 / Transportation and Logistics Systems, Inc. (OTC PINK:TLSS) ("TLSS" or the "Company"), the parent company of certain wholly-owned operating subsidiaries, which together, provide a suite of logistics and transportation services, announced today, March 31, 2023, it timely filed its Annual Report on Form 10-K for the calendar year ended December 31, 2022.Sebastian Giordano, Chairman and CEO of TLSS, commented, "As expected, given our acquisition and divestiture activity, building a management team and other foundational initiatives, 2022 was the year we transitioned out of restructuring mode and commenced our initial growth phase. While the 2022 10-K does not yet reflect the full impact of the acquisitions we completed in 2022 and obviously not the most recent Severance Trucking acquisition completed in Q1 2023, the 2022 financial results are indicative of the progress our operating subsidiaries are beginning to produce, as evidenced by the fact that 43.6%, or $3,380,000 of our 2022 annual revenue was generated in the fourth quarter of 2022, despite a fourth quarter trucking industry slowdown according to most industry experts. Moreover, the Company's 2022 gross profit margin percentage increased 1,961% to 32.6% as compared to 1.6% in 2021. While we are currently evaluating a number of options available to us to refinance existing acquisition seller notes and provide the capital necessary to fund our continued growth plans, we are continuing to assess numerous strategic acquisition targets, implement operational and cost saving integration opportunities as well as roll out organic growth initiatives, such as recently opening a new service area based upon our latest acquisition. As such, I am still expecting 2023 to be a breakout year."Financial Results for the Year Ended December 31, 2022Revenues for the year ended December 31, 2022, increased $2,249,000, or 40.9%, to $7,744,000, as compared to $5,495,000 for the year ended December 31, 2021, due primarily to the acquisitions of JFK Cartage and Freight Connections in the latter part of the third quarter 2022.The Company's net loss for the year ended December 31, 2022, was $8,076,000, primarily consisting of: ...

More updates from Transportation And Logistics Systems, Inc.