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Sep 30, 2023
Luxurban Q3 2023 Earnings Report
LuxUrban reported record third quarter financial results with increased net rental revenue and EBITDA, and achieved first-ever quarter of GAAP net income.
Key Takeaways
LuxUrban Hotels Inc. announced strong Q3 2023 results, featuring significant increases in net rental revenue to $31.2 million and EBITDA to $8.4 million. The company achieved its first-ever quarter of GAAP net income of $4.9 million, or $0.11 per share. The company's collaboration with Wyndham Hotels & Resorts has accelerated growth.
Net rental revenue increased to $31.2 million from $11.6 million.
Net income improved to a quarterly record $4.9 million, or $0.11 per share, from a net loss of $(3.2) million, or $(0.13) per share.
EBITDA rose to $8.4 million from $2.4 million.
Company ended the quarter with 1,466 units available for rent and as of November 8, 2023, they had 1,599 units available for rent and 2,032 units under long-term Master Lease Agreements but not yet available for rent.
Luxurban
Luxurban
Forward Guidance
The Company has increased Net Rental Revenue and EBITDA guidance for 2023 and 2024.