Looking at Ignite’s Q3 earnings report, the company looks as if it is still standing having received a capital infusion from Dan himself as well as cutting back on overhead expenses which have been a source of controversy for Bilzerian’s company.
The Q3 report goes on to explain that the company has gone through a major restructuring upon terminating its former president, Curtis Heffernan in June.
“During this period, IGNITE made a number of management changes and significantly reduced non-revenue generating expenses. As a result, the loss from operations was reduced from $12.3 million in the third quarter of 2019 to $1.1 million in the third quarter of 2020,” the report said.
Bilzerian expects Ignite to be profitable in Q4 2020
Bilzerian further noted in the report that Ignite’s financial troubles are part and parcel of any fledgling company trying to “find the right management.” The company has reportedly revamped its distribution networks, centering everything in the U.S.
Furthermore, Bilzerian expects revenue to reach levels in Q4 2020 greater than the last three quarters combined. “This will position IGNITE to finally start to realize its great potential in 2021, which we expect to be an exciting year for the Company,” Bilzerian said in his closing statement.