Driveitaway Holdings, Inc. (ticker: DWAY), a Delaware-based company, has reported significant growth in its rental revenue for the second quarter of 2023. According to the company’s recently filed SEC 10-Q report, rental revenue for Q2 2023 reached $66,948, more than double the revenue of the same quarter in the previous year of $29,799.
The company’s total revenues for the quarter hit $67,000, a notable increase from the $11,029 reported for the same period in 2022—a considerable improvement in the company’s financial performance. The increase in rental revenue has had a positive impact on Driveitaway’s gross profit, which reached $20,322 for Q2 2023, compared to $5,620 in Q2 2022.
Despite this growth, the company still reported a net loss per common share of $(0.01) for the six-month period ended March 31, 2023, and a year-to-date net loss of $(540,387). However, this represents an improvement over the $(1,092,807) net loss reported in the same period of 2022.
In terms of assets, Driveitaway held cash amounting to $14,919 in Q2 2023, while restricted cash stood at $26,992. Accounts receivable and prepaid expenses were reported at $13,339 and $14,470, respectively. The company’s vehicles had a net value of $200,447, and its website development was valued at $14,516.
Looking at liabilities, Driveitaway had accounts payable of $251,412 and accrued liabilities of $95,233 in Q2 2023. The company’s Small Business Administration (SBA) loan had a current balance of $3,955 and a non-current balance of $109,097.
Driveitaway’s stockholder deficits amounted to $(1,623,100) as of Q2 2023, compared to the $(1,099,222) deficit recorded in the same period of 2022. The total of 106,551,722 common stocks were issued and outstanding as of June 19, 2023.
With these results, Driveitaway Holdings, Inc. appears to have made a significant step forward in the growth of its rental revenues between Q2 2022 and Q2 2023. The company’s increased gross profit further indicates a positive trajectory, and while it is still reporting a net loss, the improvements reported may be a sign of future growth and success for the organization.
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