1847 Reports 59.2% Increase in Revenue to $15.1 Million for the Fourth Quarter of 2023

Gross profit increases 99.8% in Q4 2023 vs Q4 2022

NEW YORK, NY / ACCESSWIRE / April 17, 2024 / 1847 Holdings LLC ("1847" or the "Company") (NYSE American:EFSH), a holding company specializing in identifying over-looked, deep value investment opportunities in middle market businesses, today provided a business update and reported financial results for the year-ended December 31, 2023.

Key Financial Highlights

• Total Revenue was $15.1M in Q4 2023 compared to $9.5M in Q4 2022, a 59.2% year-over-year increase
• Gross profit was $2.7M in Q4 2023 compared to $1.4M in Q4 2022, a 99.8% year-over-year increase
• Gross margin increased 370 basis points to 18.2% in Q4 2023, compared to 14.5% for the same period last year
• Total revenue was $68.7M for the year-ended December 31, 2023, compared to $48.9M for the year-ended December 31, 2022, a 40.4% year-over-year increase
• Gross profit was $23.5M for the year-ended December 31, 2023 compared to $15.7M for the year-ended December 31, 2022, a 49.9% year-over-year increase
• Gross margin increased 220 basis points to 34.3% in 2023, compared to 32.1% for the same period last year

Mr. Ellery W. Roberts, CEO of 1847 Holdings, commented, "2023 marked a significant turning point for our company. I am pleased to report we achieved record annual revenue of $68.7 million for the year ended December 31, 2023, with gross profit increasing by 50% over the year ended December 31, 2022. Notably, our fourth quarter revenues for 2023 increased by 59.2%, complemented by a 99.8% increase in gross profit compared to the same period in the previous year. This exceptional performance is a testament to the robustness of our platform and our adeptness in fostering the growth and profitability of our portfolio companies. A prime example of this is our acquisition of ICU Eyewear in February 2023, a highly lucrative venture, at a purchase price of less than three times EBITDA. This addition to 1847 served as a key catalyst for revenue growth, improved margins, and overall profitability gains in 2023."

Mr. Ellery continued, "We maintain a strong acquisition pipeline, focusing on companies that offer accretive value and positive cash flow, all while minimizing dilution for our shareholders. Beyond our recent success, we are actively evaluating further transactions to leverage our momentum. Recently, we disclosed the signing of a non-binding LOI to acquire a prominent millwork, cabinetry, and door manufacturer headquartered in Las Vegas, NV. This target boasts revenues of $28.6 million, with a purchase price of $16.75 million which represents approximately 3.2x 2023 EBITDA.. This acquisition presents 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."