Luminar Media Group/Fortun Announces Third Quarter Results,

MIAMI, Oct. 3, 2024 (GLOBE NEWSWIRE) — Luminar Media Group, Inc. (OTCMARKETS: LRGR), a revenue-based small business finance company focused on Hispanic and minority businesses, has released its financial results for the third quarter of 2024. The report highlights highlighted significant growth in key financial and operational metrics, solidifying Fortun’s growing presence in providing critical capital to underserved markets.

Key financial highlights for the third quarter of 2024:

• Funding volume:
  • Q3: $1,138,000
  • Expected: $1,108,700
  • Result: Exceeded forecast
• Demands:
  • End of Q3: $1,428,281.47
  • Receivables collected Q3: $352,729.33
  • Expected: $1,650,963
  • Result: Exceeded forecast
• Revenue:
  • Q3: $307,211.00
  • Expected: $298,540 (commission and fee income)
  • Result: Exceeded forecast
• Assets:
  • Total assets at the end of Q3: $1,926,507
  • Cash balance: $498,226.39

Financing key figures:
o July: $258,700
o August: $389,700 (51% growth over the previous month)
o September: $489,600 (25% growth over the previous month)
o Number of deals funded in the third quarter: 169
o Average deal size: $6,733
o Total states funded since founding: 17 (76% of total funding – Florida)
o Industries served: 35
o Top 3 industries: Trucking/transportation: 23.34% – Construction: 18.14% – Car sales/repair: 13.2%

Strategic outlook

Fortun remains focused on creating long-term value and is expanding its financing activities with a particular focus on Hispanic and underserved small businesses. With strong financial results and a growing operational footprint, the company is well positioned to capitalize on continued growth opportunities heading into the final quarter of 2024.

“Our third quarter results underscore the continued success of our core financing strategies and our commitment to delivering results for our shareholders,” said Yoel Damas, chairman and president. “We believe these numbers would have been even higher had it not been for Hurricane Helene, which hit Florida – our largest financing market – in the last week of September, impacting our deal flow as the state faced the devastating impacts of the storm had to fight. Despite these challenges, we are proud to report that we met all of our goals for the quarter and remain committed to helping Floridians rebuild. Our thoughts and prayers are with everyone affected by this terrible storm. We look forward to a strong year-end and continued growth as we begin the fourth quarter.”

About Luminar Media Group, Inc.

Luminar Media Group, Inc., headquartered in Miami, Florida, is a pioneering fintech company providing tailored financial solutions to underserved communities, particularly Latino and minority businesses. Through its subsidiaries FortunCo and Fortun Advance, the company empowers small businesses by providing them with the financing they need to succeed.

Forward-Looking Statements

This press release contains forward-looking statements that reflect Luminar Media Group’s current strategies and expectations for future performance. Actual results may differ materially due to various risks and uncertainties. For further information, investors should review the company’s filings with the SEC.

The financial information presented herein is subject to review by our independent auditors and may be adjusted prior to final reporting. Please note that the information provided is preliminary and should not be considered final until it has gone through the full verification process.

For further information please contact:
Robert Rico
Investor relations
Phone: 305-283-9237
Email: [email protected]
Follow us on X: @FortunCorp