Shenzhen, China, June 05, 2025 (GLOBE NEWSWIRE) -- Baiya International Group Inc. ("BIYA" or the "Company") (Nasdaq: BIYA), a human resource ("HR") technology company utilizing its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions, today announced that Cathay Securities, Inc. and Revere Securities LLC, the underwriters of the Company's recent initial public offering of 2,500,000 shares of its ordinary shares, are partially waiving a lock-up restriction ...

Core Viewpoint - Baiya International Group Inc. reported a resilient performance for fiscal year 2024, achieving a revenue growth of 10.7% despite economic challenges, driven by a focus on project outsourcing services and strategic partnerships in the logistics sector [2][4]. Financial Performance - Net revenues for fiscal year 2024 were $12.8 million, an increase of 10.7% from $11.6 million in fiscal year 2023 [4][5]. - Gross profit rose to $1.4 million, reflecting a significant increase of 75.4% from $0.8 million in fiscal year 2023 [5][9]. - The company turned a net loss of $1.1 million in fiscal year 2023 into a net income of $6,687 in fiscal year 2024, with basic and diluted net income per share at $0.00 compared to a loss of $0.10 in the previous year [5][12]. Revenue Breakdown - Revenue from project outsourcing services was $12.8 million, marking a 26.6% increase from $10.1 million in fiscal year 2023, primarily due to new contracts with major customers [6][19]. - Revenue from entrusted recruitment services decreased by 97.2% to $0.04 million, attributed to the lingering effects of COVID-19 preventive measures [6][19]. - Revenue from other services increased by 155.6% to $3,050, mainly from software revenue [6]. Cost and Expenses - Total cost of revenue was $11.4 million, an increase of 5.8% from $10.8 million in fiscal year 2023 [8]. - Total operating expenses decreased by 11.7% to $1.3 million, driven by reductions in general and administrative expenses and research and development costs [10][19]. Cash Flow and Financial Condition - As of December 31, 2024, the company had cash of $1.7 million, a significant increase from $0.03 million in the previous year [13]. - Net cash provided by operating activities was $1.6 million, compared to a net cash used of $1.8 million in fiscal year 2023 [13][20]. Recent Developments - The company completed its initial public offering on March 24, 2025, raising gross proceeds of $10.0 million by offering 2,500,000 ordinary shares at $4.00 per share [14][15].