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Mar 31, 2024
Luxurban Q1 2024 Earnings Report
Announced 2023 financial results, with a net loss that included non-cash and non-recurring cash costs, but highlighted growth in net rental revenue and EBITDA.
Key Takeaways
LuxUrban Hotels Inc. reported a net loss of $78.5 million for 2023, which included significant non-cash charges and non-recurring cash costs. However, the company saw a substantial increase in net rental revenue and EBITDA, indicating underlying business strength. They are focusing on measured expansion and improving financial stability in 2024.
Net Rental Revenue increased by 159% to $113.4 million.
Net loss of $78.5 million included $61.1 million in non-cash charges and $24.6 million in non-recurring cash costs.
EBITDA rose by 78% to $25.3 million.
Adjusted EBITDA increased by 109% to $29.8 million.
Luxurban
Luxurban
Forward Guidance
LuxUrban Hotels Inc. expects to increase net rental revenue in 2024 and will provide more specific guidance over the coming quarters.