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AmeriTrust Financial Technologies Reports 2024 Results
AmeriTrust Financial Technologies Inc., a fintech firm focused on automotive finance, has published its audited financial results for 2024. Cash on hand saw a significant increase to $10.2 million from $1.9 million in 2023, and the company reported a working capital surplus of $4.0 million, reversing a previous deficit of $15.9 million.
Revenue for Q4 2024 fell to $477,232 from $975,711 in the same quarter of 2023. The company's income is mainly derived from servicing lease contracts. Despite this, the firm marked a net income of $6.2 million for 2024.
CEO Jeff Morgan highlighted the company's achievements, including raising over $13 million through private placements and resolving major lawsuits. The elimination of a significant loss provision related to potential lease contract issues was a notable factor in the improved financial standing.
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