LiveToBeHappy Reports Record Second Quarter 2022 Results; 2022 YTD Revenues Increase 35% YoY to $5.4 Million
Company Achieves Net Income Profitability; Reaffirms Full Year 2022 Outlook of $30 Million in Revenue
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 2022
- Achieved 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. The Company is reaffirming its 2022 outlook of doubling its 2021 revenue to $30 million.
About LiveToBeHappy, Inc.
LiveToBeHappy, Inc. (OTC: CAVR) is a vertically integrated platform company focused on developing and building lifestyle brands. The Company acquires undervalued assets and manages a diversified portfolio of technology, education, and real estate services companies. The LTBH mission is to build lives, not just places to live. For more information, please visit our website at .
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements for any reason, except as required by law.
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