LMPX - LMP Automotive provides corporate update Q1 prelims

LMP Automotive (NASDAQ:LMPX) evaluates the proper identification and elimination of intercompany transactions, estimates of chargeback reserves for finance and insurance products and various financial presentation matters related to its business. During the first ten months of 2021, the company acquired a majority interest in 15 new vehicle franchises, comprising 8 new dealership locations. It acquired a majority interest in LTO, a Connecticut based automotive leasing company with an associated collision center that was subsequently disposed during Q4. An approximation of these changes are: revenue for the quarter increased ~$116M Y/Y; gross profit surged ~$23M. Q1 Prelim: Revenue to be ~$149M, overall gross profit to be ~$29M, cash at ~$30M; cash at the end of April 2022 was ~$34.6M, highest on record.

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LMP Automotive provides corporate update, Q1 prelims