La Rosa Adjusts Fiscal 2024 Revenue to $58.6 Million
La Rosa announced a non-cash restatement of its previously reported revenue for fiscal 2024. The company said, "The Company determined that its previously issued audited consolidated financial statements for the years ended December 31, 2024 should be revised due to the calculation of ASC 606 Gross vs. Net, with revenue adjusted to $58.6 million to properly reflect certain property management fee revenues generated by La Rosa Property Management, LLC. These adjustments reduce overall revenue by $10.8 million and cost of sale while leaving gross margin intact resulting in an increase to the percentage of gross margin for the company for the fiscal year ended December 31, 2024 from 8.57% to 10.14%. Additionally, the Company has revised its previously issued guidance for 2025 to $68.6 million to reflect the adjustment to revenue recognition."
