MSP Recovery, Inc. Reports Net Loss of $27 Million for Q3 2022

MSP Recovery, Inc.(LIFW), a leading provider of cl aims recovery services, has announced its financial results for the third quarter of 2022. The company reported a net loss of $27 million for the quarter, while generating revenue of $8.3 million. These results reflect the company's ongoing efforts to expand its operations and provide valuable services to its clients.

Net Loss and Asset Overview

MSP Recovery, Inc.'s unaudited condensed consolidated balance sheets reveal a net loss of $27 million for the three months ended September 30, 2022. The company's total assets increased significantly, reaching $6.57 billion, compared to $104 million at the end of the previous year.

The company's current assets also experienced substantial growth, with cash and cash equivalents reaching $14.3 million, up from $1.7 million at the end of 2021. Restricted cash amounted to $11.4 million, and accounts receivable stood at $7.5 million. Additionally, MSP Recovery, Inc. reported an indemnification asset of $752.5 million and prepaid expenses and other current assets of $32.7 million.