1847 Holdings reports Q2 revenue $15.5M vs. $17.4M last year

Ellery Roberts, CEO of 1847 Holdings, commented, “In Q2 2024, we achieved approximately 4% sequential revenue growth and a 14.2% year-over-year increase in gross profit, highlighting our effective efforts to optimize operations and improve cost efficiencies. As part of our ongoing strategy to strengthen the balance sheet, we recently eliminated $4.2 million of debt through the sale of ICU Eyewear, significantly enhancing our financial position. After we acquired ICU Eyewear, we were able to clean up the books, reinforce the infrastructure, and enhance the value of assets before strategically selling it in collaboration with our senior lender, demonstrating our successful private equity model. This transaction not only underscores our commitment to maintaining a robust financial foundation but also aligns with our long-term strategy of maximizing shareholder value. We remain dedicated to leveraging our strengths and exploring opportunities that will contribute to the long-term success and stability of our Company. Our strategy remains centered on acquiring companies that provide value and generate positive cash flow, all while minimizing shareholder dilution. We believe we have a robust acquisition pipeline and are making significant progress on several potentially transformative strategic transactions. Notably, we are working to finalize a definitive agreement to acquire a leading manufacturer of millwork, cabinetry, and doors, which reported $28.6 million in revenue and substantial cash flow in 2023. We believe this acquisition represents an attractive opportunity for 1847, as we have negotiated favorable terms, and we believe we can successfully complete this transaction without the need for equity-based funding at this time.” Additionally, we are advancing with the sale of a division of 1847 Cabinets Inc., which we anticipate closing by mid-September 2024. This proposed sale marks a strategic milestone for 1847, demonstrating our ability to acquire, operate, and enhance the value of assets before divesting them. We believe this transaction will substantially strengthen our financial position, allowing us to strategically reallocate resources and capitalize on emerging opportunities both within and beyond our portfolio, with a long-term focus on maximizing shareholder value.”