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MRNO

Murano Global Investments PLC Ordinary Shares

MRNO

Murano Global Investments PLC Ordinary Shares • NASDAQ
$1.75 ▼ -9.79% (-0.19)
Market Cap $138.80 M
52w High $13.25
52w Low $1.71
Dividend Yield 0%
P/E -0.69
Volume 2.07K
Outstanding Shares 79.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2025 $320.723M ▲ $321.389M ▼ $-317.142M ▲ -98.884% ▲ $-4 ▲ $75.006M ▲
Q4-2024 $295.966M ▲ $1.256B ▲ $-1.629B ▼ -550.516% ▼ $-20.84 ▼ $-998.048M ▼
Q3-2024 $166.495M ▲ $303.09M ▲ $-849.294M ▲ -510.102% ▲ $-10.87 ▲ $-657.335M ▲
Q2-2024 $160.388M ▲ $275.403M ▲ $-941.485M ▼ -587.004% ▼ $-11.88 ▼ $-715.916M ▼
Q1-2024 $107.105M $235.744M $-147.848M -138.04% $-1.87 $-7.204M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2025 $469.036M ▼ $21.448B ▼ $16.351B ▼ $5.096B ▼
Q4-2024 $970.415M ▲ $21.871B ▲ $16.665B ▲ $5.207B ▼
Q3-2024 $295.86M ▲ $20.793B ▲ $14.921B ▲ $5.872B ▼
Q2-2024 $83.806M ▲ $20.272B ▲ $13.55B ▲ $6.721B ▼
Q1-2024 $83.506M $19.742B $12.079B $7.663B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $-358.986M ▲ $25.499M ▲ $-133.691M ▲ $-390.688M ▼ $-498.88M ▼ $-117.388M ▲
Q4-2024 $-1.472B ▼ $-91.54M ▼ $-159.729M ▼ $541.559M ▲ $290.289M ▼ $-336.355M ▼
Q3-2024 $-935.345M ▲ $68.574M ▲ $-49.442M ▲ $535.073M ▲ $554.205M ▲ $-83.198M ▲
Q2-2024 $-942.974M ▼ $17.873M ▲ $-569.122M ▼ $521.266M ▲ $-29.983M ▼ $-640.07M ▼
Q1-2024 $-145.224M $-89.715M $-301.472M $400.721M $9.534M $-367.017M

Five-Year Company Overview

Income Statement

Income Statement Murano looks like a young, growth-focused developer that is still far from steady profitability. Revenue has been rising from almost nothing to a small but growing base, which is typical for a company moving projects from development into operation. Gross profit has turned positive, so the core projects can generate value once they are up and running. Below that, however, the picture is much weaker. Operating results are still clearly in the red and losses deepened recently, suggesting that overhead, development costs, financing, and other expenses are running well ahead of current income. After a brief period of small profits, the company swung to a sizable net loss, showing that the business is in build‑out mode rather than earnings mode. Overall, Murano’s income statement tells the story of a company investing heavily ahead of revenues, with volatile and currently negative bottom‑line results.

Balance Sheet

Balance Sheet Murano’s balance sheet shows a fast build‑up of assets, mainly tied to real estate projects, moving from a very small base to a meaningful portfolio. This matches its strategy of developing large luxury hospitality and mixed‑use properties. To fund this growth, the company has leaned increasingly on debt, which has risen notably. Equity remains positive but has been shrinking, reflecting recent losses and leverage building. Cash on hand is still quite limited relative to the size of the asset base, even though it has improved. In simple terms, the company now holds substantial development assets but is carrying more debt and less of a cushion in equity than before. This creates both potential upside if projects perform well and clear balance‑sheet risk if timelines, costs, or markets disappoint.

Cash Flow

Cash Flow Murano’s cash flow pattern is consistent with a developer actively building out major projects. Day‑to‑day operations are roughly around break‑even on cash, sometimes slightly positive, sometimes slightly negative. The real story is the heavy and persistent outflow from investment spending, as the company continues to pour cash into construction and development. As a result, free cash flow has been firmly negative for several years. This means the business is not yet self‑funding. It relies on outside capital—debt or equity—to keep projects moving until they begin to produce steady cash inflows. The key question going forward is whether future operating cash from completed properties and any Bitcoin strategy gains can eventually cover this investment pace.

Competitive Edge

Competitive Edge Murano operates in a focused niche: high‑end hospitality and mixed‑use developments in prime Mexican destinations. Its edge comes from years of experience in that market, with deep knowledge of local rules, labor dynamics, and government relations—areas that can be tough for newcomers to navigate. Partnerships with major hotel brands like Hyatt and Accor give it access to strong global marketing, loyalty programs, and operating know‑how. This can help its properties ramp up faster and perform better than independent competitors. At the same time, it competes with well‑established local players such as Grupo Posadas and RLH Properties, which have scale and brand recognition of their own. Murano’s added twist—the integration of a Bitcoin treasury and digital asset strategy—differentiates it but also introduces a very different set of risks compared with traditional real estate peers. Overall, Murano has a credible niche position with valuable partnerships and local expertise but faces strong rivals and has layered on additional volatility through its digital asset ambitions.

Innovation and R&D

Innovation and R&D Murano’s innovation is less about classic R&D and more about how it designs, finances, and positions its projects. On the real estate side, the company is leaning into sustainable, resource‑efficient design, aiming for international green building certifications that require meaningful reductions in energy and water use. This can lower long‑term operating costs and appeal to environmentally conscious guests and partners. Strategically, its boldest innovation is the Bitcoin treasury approach and exploration of crypto integration into hotel operations. This is unconventional in real estate. It could offer upside if digital assets perform well or open new customer segments, but it also adds substantial financial and regulatory uncertainty. Large, complex developments in Cancun and Baja California—featuring major hotels, convention centers, a potential cruise port, and mixed‑use components—show ambition and creative master planning. Execution risk is high, but if delivered successfully, these projects could become signature assets that define the brand and its capabilities.

Summary

Murano is in a clear build‑out phase: revenues are still small but growing, profitability has recently deteriorated, and cash flow is strongly negative due to heavy development spending. The balance sheet now holds a sizable project portfolio funded by rising debt and a thinner equity cushion, which raises financial risk but also reflects aggressive growth. Competitively, the company combines local Mexican market expertise with powerful global hotel partners, positioning itself firmly in the luxury hospitality niche. Its push into Bitcoin and digital assets, along with sustainable design and large‑scale destination projects, makes the story distinctive but also more complex and volatile than that of a traditional real estate developer. In essence, Murano represents a high‑ambition, high‑execution‑risk model: significant long‑term potential tied to successful delivery of large hospitality projects and a non‑traditional treasury strategy, balanced against current losses, leverage, and exposure to both tourism cycles and crypto market swings.