Fundamental Global Inc

NASDAQ:FGFUnited States

(Unaudited)
Nine Months Ended September 30, --------------------------------------- 2024 2023 ----------------- ---------------- Cash flows from operating activities: Net loss from continuing operations $ (16,168) $ (14,927) Adjustments to reconcile net loss to net cash used by operating activities: Net unrealized holding loss on equity holdings 2,267 5,514 Loss from equity method holdings 8,896 4,362 Adjust gain on acquisition of ICS assets 69 - Net realized gain on sale of equity holdings (550) - Provision for doubtful accounts 56 22 Benefit from obsolete inventory (20) (46) Provision for warranty 8 4 Depreciation and amortization 638 584 Amortization and accretion of operating leases 215 88 Impairment of property and equipment 1,422 - Gain on merger of FGF and FGF (1,831) - Deferred income taxes (462) 455 Stock compensation expense 1,165 1,415 Changes in operating assets and liabilities: Reinsurance balances receivable (528) - Deferred policy acquisition costs (176) - Other assets 1,186 (1,648) Loss and loss adjustment expense reserves 2,164 - Unearned premium reserves (2,704) - Accounts receivable (261) (508) Inventories (47) 231 Current income taxes (30) (402) Accounts payable and accrued expenses 1,752 3,901 Deferred revenue and customer deposits 29 (595) Operating lease obligations (174) (98) ------------- ------------ Net cash used by operating activities from continuing operations (3,084) (1,648) Net cash used by operating activities from discontinued operations (664) (1,778) ------------- ------------ Net cash used by operating activities (3,748) (3,426) Cash flows from investing activities: Capital expenditures (52) (139) Proceeds from sales of equity securities 2,331 198 Proceeds from sales of property and equipment 6,161 - Collection of note receivable 50 - Cash acquired in Merger of FGF and FGH 1,903 - ------------- ------------ Net cash provided by investing activities from continuing operations 10,393 59 Net cash used in investing activities from discontinued operations (94) (678) ------------- ------------ Net cash provided by (used in) investing activities 10,299 (619) Cash flows from financing activities: Payment of dividends on preferred shares (1,341) - Principal payments on short-term debt (227) (398) Payment payments on long-term debt (5,124) (152) Net borrowing under credit facility 39 - Proceeds from Strong Global Entertainment initial public offering - 2,411 Payments of withholding taxes for net share settlement of equity awards (20) (131) Payments on finance lease obligations (184) (109) ------------- ------------ Net cash (used in) provided by financing activities from continuing operations (6,857) 1,621 Net cash provided by financing activities from discontinued operations 525 2,027 ------------- ------------ Net cash (used in) provided by financing activities (6,332) 3,648 Effect of exchange rate changes on cash and cash equivalents from continuing operations 13 (15) Effect of exchange rate changes on cash and cash equivalents from discontinued operations (36) 95 ------------- ------------ Net increase (decrease) in cash and cash equivalents from continuing operations 465 17 Net decrease in cash and cash equivalents from discontinued operations (269) (334) ------------- ------------ Net increase (decrease) in cash and cash equivalents 196 (317) Cash and cash equivalents from continuing operations at beginning of period 5,995 3,063 ------------- ------------ Cash and cash equivalents from continuing operations at end of period $ 6,460 $ 3,080 ============= ============

Fundamental Global Inc. Merchant Banking Client Aldel Financial II Inc. Announces Closing of $230 Million Initial Public Offering

Mooresville, NC, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Fundamental Global Inc. (Nasdaq: FGF, FGFPP) ("Fundamental Global" or the "Company") is pleased to announce that Aldel Financial II Inc. (Aldel Financial II"), one of the Company's merchant banking holdings, has successfully completed a $230 million initial public offering.