Luminar Media Group Surpasses Q3 Forecasts, Reports Strong Growth in Hispanic and Minority Business Funding

Luminar Media Group, Inc. (OTCMARKETS: LRGR), a revenue-based finance company focusing on Hispanic and minority-owned businesses, has released its third-quarter financial results for 2024, demonstrating substantial growth across key metrics. The company's performance underscores its expanding role in providing essential capital to underserved markets.

In Q3 2024, Luminar Media Group reported a funding volume of $1,138,000, surpassing its forecast of $1,108,700. The company's receivables at the end of Q3 stood at $1,428,281.47, with collected receivables of $352,729.33. Revenue for the quarter reached $307,211.00, exceeding the forecasted $298,540 in commission and fee income. Total assets at the end of Q3 were $1,926,507, with $498,226.39 in cash on hand.

The company's funding metrics show impressive month-over-month growth, with September funding reaching $489,600, a 25% increase from August. Luminar Media Group funded 169 deals in Q3, with an average deal size of $6,733. The company has now expanded its operations to 17 states, with Florida accounting for 76% of total funding. The top three industries served were trucking/transport (23.34%), construction (18.14%), and auto sales/repair (13.2%).

Yoel Damas, Chairman and President, noted that the company's performance could have been even stronger if not for the impact of Hurricane Helene on Florida, the company's largest funding market, in the last week of September. Despite this challenge, Luminar Media Group met all its goals for the quarter and remains committed to supporting Floridians as they rebuild.

The company's strong financial results and expanding operational footprint position it well for continued growth as it enters the final quarter of 2024. Luminar Media Group's focus on creating long-term value by expanding its funding operations, particularly for Hispanic-owned and underserved small businesses, demonstrates its commitment to addressing the capital needs of an often-overlooked segment of the market.

This performance highlights the growing importance of alternative financing options for minority-owned businesses, which often face challenges in accessing traditional banking services. As Luminar Media Group continues to expand its reach and services, it may play an increasingly significant role in fostering economic growth and entrepreneurship within underserved communities across the United States.