Lottery.com Inc. (LTRY) stock declined -4.07% in the current-market trading session today at the price of $2.59 despite no fundamental reason.
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LTRY is a top technology firm that transforms the way the lottery is being played. The company’s mobile and online applications allow players to buy legally authorized lottery games globally.
LTRY Q4 2021 Earnings Report
On 31st March 2022, LTRY published its financial results for the quarter and year ended 31st December 2021. The company has also provided its business updates.
LTRY reported revenues of US$21.5M for Q4 of 2021. It represents a growth of US$18.2M, or 559 percent, from Q4 of 2020. Gross profit was US$18.3M for Q4 of 2021, representing a surge of US$16.2M from the same quarter of 2020. The company calculated a net loss of US$12.9M for Q4 of 2021. Cash totaled US$62.6M on 31st December 2021, which included net proceeds of US$42.8M from the business combination.
LTRY Year 2021 Financial Summary
LTRY reported total revenue of US$68.5M for the year 2021. It represents a growth of US$61.0M, or 819 percent, from the prior year. For 2021, gross profit was US$49.4M, a US$44.9M gain from the previous year. The company reported a net loss of US$9.3M for the year 2021, which had driven by higher gross profit. Adjusted EBITDA totaled US$31.1M for 2021, representing an increment of US$34.2M compared to an EBITDA (loss) of US$3.1M the prior year.
LTRY Business Outlook
The phase 1 launch of the company’s mega project has expected in early Q2 of 2022. It will result in higher platform security, scalability, and the capacity to execute product updates. Phase 2 of the launch has anticipated by the Q3 of 2022, which will stimulate additional revenue-yielding features for the current products. The company expects phase 3 of the launch by the end of Q4 of 2022. It will support a proprietary game that receives payment in cryptocurrency and is subject to compliance and regulatory provisions.