Transportation and Logistics Systems Inc (OTCMKTS:TLSS) Stock Falls After Earnings Update

Transportation and Logistics Systems Inc (OTCMKTS:TLSS) operates in the form of a parent company and controls a number of operating subsidiaries. The company, which is mainly involved in providing transportation and logistics service, announced this past Friday that it had filed its annual report on Form 10 K on time for the calendar year that had ended on December 31, 2022.

Trading Data

On Friday, TLSS stock slid 5.66% to $0.0050 with 5.46 million shares, compared to its average volume 6.81 million shares. The stock moved within a range of $0.0046 – 0.0053 after opening trade at $0.0053.

Transportation and Logistics Systems, Inc. Announces Financial Results for the Year Ended December 31, 2022

The Chairman and Chief Executive Officer of the company Sebastian Giordano spoke about the company’s progress too. He noted that throughout the course of 2022 the company had undertaken a number of key initiatives and that helped it in moving to its initial growth phase from the earlier restructuring mode.

The company managed to bring in revenues to the tune of $7,744,000 for the fiscal year and that reflected a rise of 40.9% from the $5,495,000 that it had generated in the previous year. The net loss that was suffered by Transportation and Logistics Systems came in at $8,076,000 and that was higher than the net loss of $6,255,000 that it had suffered in the previous year. The net loss that was attributable to shareholders was $8,494,000 but in 2021 the net loss attributable to shareholders was $3,605,000.