Altitude International Holdings Provides Third Quarter 2022 Corporate Update; YTD Revenues Increase 40% to $7.7 Million
Altitude International Holdings, Inc. (OTC PINK:ALTD) reported a revenue increase of 40% to $7.7 million for the nine months ending September 30, 2022, compared to $5.5 million in the same period the previous year. The company experienced a net loss of $2.3 million, reduced from $4.3 million a year earlier. The acquisition of Rush Soccer contributed $1.9 million in revenue, and Altitude is expanding into new sports divisions. Cash reserves rose to $2.1 million, improving from $0.4 million in December 2021.
- Revenue for Q3 2022: $2.9 million, up from $1.9 million in Q3 2021.
- Year-to-date revenue for 2022: $7.7 million, up from $5.5 million in 2021.
- Gross profit increased to $1.9 million in Q3 2022 from $1.0 million in Q3 2021.
- Partnership with Rush Soccer added $1.9 million to revenue for nine months.
- Cash and cash equivalents improved to $2.1 million from $0.4 million.
- Net loss of $2.3 million for nine months, though improved from $4.3 million in 2021.
- Continued operational losses indicate financial challenges despite revenue growth.
PORT ST. LUCIE, FL / ACCESSWIRE / November 3, 2022 / Altitude International Holdings, Inc. (OTC PINK:ALTD) ("Altitude," or the "Company'), a diversified, vertically integrated holding company focused on performance-based businesses, today provided a corporate update in conjunction with the filing of its Quarterly Report on Form 10-Q for the third quarter ended September 30, 2022.
Financial Summary
($, in millions)
Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 | |
Revenue | ||||
Gross Profit | ||||
Gross Margin | ||||
Net Loss | ( | ( | ( | ( |
As of September 30, 2022, the Company had cash and cash equivalents of
Corporate Update
Altitude continues to scale its core tuition-based sports and education business driven by its full-time programs for tennis, golf, volleyball, and soccer. The Company expects to add three more divisions - basketball, swimming, and lacrosse - between the fourth quarter of 2022 and 2023.
As a result of the Company's partnership with Rush Soccer established in March 2022, Altitude now owns and manages operations for the world's largest youth soccer club network of approximately 47,000 players and 155 clubs across 55 countries. The acquisition of Rush Soccer contributed approximately
In September 2022, Altitude acquired ownership and management of the hospitality operations at Sandpiper Bay Resort, now a Trademark Collection® by Wyndham, complementing the Company's existing and future academy operations. The property in Port St. Lucie, Florida, which has been the headquarters and training site for the Company's academies for approximately 12 years, now provides Altitude with the opportunity to control its operations with an all-inclusive hotel resort which integrates with the academy operations positioning for future growth of the Company. The resort's operations will begin contributing to consolidated financial and operational results beginning in the fourth quarter of 2022.
Management Commentary
"Revenues have continued to accelerate in 2022, demonstrating the scalability of our core high-performance sports and education businesses," said Gregory Breunich, Chief Executive Officer of Altitude. "Our partnership with Rush Soccer has proven to be an excellent growth driver to date, and we believe nationwide event activities and newly added education system in tandem with their global reach will provide a significant recurring revenue model. Acquiring the ownership of the operations and subsequent management of our Sandpiper Bay Resort establishing our hospitality vertical and was a transformative milestone in Altitude's evolution as a diversified company.
"As we look ahead to this next phase of growth, we are focused on exponentially expanding our diversified blended revenue model, which includes the business segments of Altitude Hospitality, Rush Soccer, Altitude Academies and the technology operations. Our management team is well versed in driving network growth among business ecosystems, and we are working diligently to provide sustainable long-term value for our shareholders," concluded Breunich.
The full text of the Company's Quarterly Report on Form 10-Q for the third quarter ended September 30, 2022 was filed with the SEC on October 31, 2022 and can be found here.
About Altitude International Holdings, Inc.
Altitude International Holdings, Inc. (OTC PINK:ALTD) ("Altitude") is a multi-discipline holding company which blends income streams from performance-based education, sports, resort operations, and technology. Altitude's multi-discipline approach consists of wholly owned stand-alone academies, wellness centers, and manufacturing/assembly facilities. These operations represent best-in-class high-performance methodology/protocols for training, education, and therapy environments; hypoxic training chambers, air-to-water machines, sports training and educational institutions, and wellness initiatives. For more information, please visit www.altdintl.com
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: "believe," "expect," "anticipate," "project," "should," "plan," "will," "may," "intend," "estimate," predict," "continue," and "potential," or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, extensive renovations as it relates to the Property, our comprehensive real estate development strategy, legal events or outcomes, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.
Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, "Risk Factors" identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.
Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.
Investor Relations:
Brooks Hamilton
MZ Group - MZ North America
(949) 546-6326
ALTD@mzgroup.us
SOURCE: Altitude International Holdings LLC
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