Pangiam Ultimate Holdings, LLC and its subsidiaries have reported their financial results for the years ending December 31, 2023, and 2022. Let's take a closer look at some of the key figures.
The company's total assets decreased from $78,858,915 in 2022 to $76,535,883 in 2023. The decrease in assets was primarily driven by a reduction in cash and restricted cash, which fell from $3,498,108 in 2022 to $2,155,961 in 2023. Additionally, the net loss for the year 2023 was $26,710,778, a slight improvement from the net loss of $52,963,643 in 2022.
Regarding revenue, the company saw an increase from $34,531,916 in 2022 to $40,648,829 in 2023. However, the cost of revenue also rose, reaching $27,669,175 in 2023 compared to $24,390,625 in 2022. As a result, the gross margin increased to $12,979,654 in 2023 from $10,141,291 in 2022.
In terms of cash flow, the net cash used in operating activities decreased from $13,641,997 in 2022 to $13,261,504 in 2023. The net decrease in cash and restricted cash during the year was $1,342,147 in 2023, a smaller decrease compared to $4,571,798 in 2022.
Looking at the members' deficit, it widened from $1,909,724 in 2022 to $28,675,362 in 2023. The accumulated deficit also increased from $67,943,713 in 2022 to $94,727,571 in 2023, reflecting the challenging financial situation the company faced during the year.
As a result of these announcements, the company's shares have moved 2.2% on the market, and are now trading at a price of $2.13. For more information, read the company's full 8-K submission here.
