Financial Performance - Revenue for Strong Global Entertainment increased by 18.7% to $8.1 million in the second quarter, driven by higher sales of digital equipment and services[4] - Gross profit for Strong Global Entertainment improved to $1.5 million, representing 18.8% of revenues, up from the previous period[4] - Total revenue for the three months ended June 30, 2024, was $7,874 million, a significant increase from $3,336 million in the same period of 2023, representing a growth of 136%[12] - Net premiums earned for the six months ended June 30, 2024, were $4,472 million, compared to $0 in the same period of 2023[12] - Net product sales increased to $4,782 million for the three months ended June 30, 2024, up from $3,794 million in the same period of 2023, reflecting a growth of 26%[12] - Total expenses for the three months ended June 30, 2024, were $13,927 million, compared to $9,542 million in the same period of 2023, an increase of 46%[12] - Loss from operations for the three months ended June 30, 2024, was $(6,053) million, slightly improved from $(6,206) million in the same period of 2023[12] - Net loss attributable to common shareholders for the three months ended June 30, 2024, was $(6,229) million, compared to $(5,273) million in the same period of 2023[12] - Basic and diluted net loss per common share from continuing operations was $(0.22) for the three months ended June 30, 2024, compared to $(0.63) in the same period of 2023[12] Assets and Equity - Fundamental Global reported total assets of $98.4 million as of June 30, 2024, an increase of $36.3 million from December 31, 2023[2] - Total stockholders' equity rose to $60.4 million, reflecting an increase of $23.4 million from December 31, 2023[3] - Short- and long-term debt decreased to $3.1 million, down by $4.7 million from December 31, 2023[3] Operational Efficiency - The company achieved over $4 million in annual cost savings through strategic operational enhancements[1] - Fundamental Global plans to close the merger of Strong/MDI Screen Systems with FG Acquisition Corp. by the end of the third quarter, aiming to drive efficiency and focus on high-growth opportunities[1] Cash Flow - Cash and cash equivalents from continuing operations at the end of the period were $5,850 million, up from $4,864 million at the end of the same period in 2023[15] - Net cash used by operating activities from continuing operations was $(3,750) million for the six months ended June 30, 2024, compared to $(2,586) million in the same period of 2023[14] - Net cash provided by investing activities from continuing operations was $4,326 million for the six months ended June 30, 2024, compared to $77 million in the same period of 2023[14] Reinsurance and Investment - The reinsurance business generated $3.7 million in premium revenue during the second quarter of 2024[6] - Investment losses from asset management amounted to $4.0 million in the second quarter, primarily due to unrealized mark-to-market losses on equity securities[7] Loss from Operations - The company incurred a loss from operations of $0.7 million in the second quarter of 2024, an improvement from a loss of $1.6 million in the same period of 2023[5]
FG Financial (FGF) - 2024 Q2 - Quarterly Results