LuxUrban Hotels reports Q1 EPS (35c) vs. (10c) last year

Reports Q1 revenue $29.1M, consensus $27.67M. Cash and cash equivalents were $1.0M compared to $800,000 at December 31, 2023. “We reported Q1 net rental revenue of $29.1M, a 27.6% increase from last year’s first quarter, and adjusted EBITDA of $2.5M. Our bookings outlook as we enter the seasonally stronger spring and summer months is encouraging,” said Shanoop Kothari, CEO. “We have taken a series of actions designed to stabilize our operations, refine our strategy, and align the business to market opportunities that we believe can deliver the best long-term value to our stakeholders. While some of these choices have been difficult, notably our decision to unwind our franchise partnership with Wyndham, we believe that these initiatives are necessary. We remain mindful of the challenges before us and are committed to proactively addressing them. Our priorities for 2024 include improving our working capital resources and cash flow profile while also enhancing our balance sheet and delivering organic revenue growth from revenue management optimizations and ancillary revenues.”