$COSG Monster revenue for this up and coming company!
Net Revenue Spikes 1534% to $8 Million and Total Revenue Rises 233% to $12 Million for Cosmos Group's 2022 Q3 as Compared to Prior Year
Press Release | 11/01/2022
Net Revenue Spikes 1534% to $8 Million and Total Revenue Rises 233% to $12 Million for Cosmos Group's 2022 Q3 as Compared to Prior Year
PR Newswire
SINGAPORE, Nov. 1, 2022
The arts and collectibles technology segment of the Group is showing strong growth with the first nine months revenue for 2022 at US$8,051,436. It is a 1,534% increase as compared to 2021's figures of just US$524,868.
SINGAPORE, Nov. 1, 2022 /PRNewswire/ -- Metaverse Blockchain company Coinllectibles™?, a fully owned subsidiary of Cosmos Group Holdings Inc. (OTC: COSG), is pleased to announce that the Group has released the latest financial results for 2022 Q3.
Some of the financial highlights are:
As at end 2022 Q3, Cosmos Group made a total revenue of US$12,884,869 and had about US$1.97million cash on hand. The comprehensive loss for the first nine months was US$90.26million, US$86.4million of which consisted of a one-time share based compensation payment in 2022 Q1.
Total assets of the Group was at US$43.97million, which included approximately US$18.45million of loans receivables and US$15.58million of intangible assets, while the total liability was only at US$29.15million.
The lending segment accounted for US$4,833,433 of net revenues during the nine months ended September 30, 2022, as compared to US$4,985,476 for the same period in 2021. This represents a marginal decrease of about US$152,043, or 3%, and demonstrates the stability of our lending segment. For the same period, total operating expense was approximately US$2.81million – which translates to a lending segment income of US$1.03million.
The arts and collectibles technology was responsible for over a majority of the revenue growth of the Company, with US$8,051,436 of net revenues during the nine months ended September 30, 2022, as compared to US$524,868 for the same period in 2021, representing a significant increase of approximately 1,534%. For the same period, the total operating expense was approximatley US$97.76million – which translates to a segment loss of US$90.85million.
Commenting on the 2022 Q3 results, Toby O'Connor, CEO for Coinllectibles, said, "I would say that this is a very encouraging result. We have seen very strong growth in our arts and collectibles segment, with more than US$8million in revenues in the last 9 months. Making these results more significant, is that this growth is amidst a backdrop of an overall 'market winter'."
"I would also like to share my thoughts on the expense side of things. In 2022 Q3, our Group's operating expense was about US$10.63million. In my view, this is the kind of expense level that we aim to maintain at. By maintaining our cost while supercharging our arts and collectibles revenue growth, we really want to reach a sustainable point – which will help us ride through any unforeseen market uncertainties," Toby added.
For more information on Coinllectibles as well as the latest 10Q results, please visit www.coinllectibles.art.
