Financial Performance - For the fiscal year ended June 30, 2024, the company's revenues were $142.8 million, a decrease from $150.4 million in fiscal 2023 and $152.0 million in fiscal 2022[409] - The company reported a net loss of $1.8 million in fiscal 2024, compared to a net income of $0.2 million in fiscal 2023 and $4.6 million in fiscal 2022[409] - Total revenue decreased by approximately $7.6 million, or 5.0%, to approximately $142.8 million for the fiscal year ended June 30, 2024, from approximately $150.4 million for the fiscal year ended June 30, 2023[444] - Non-GAAP net income for the year ended June 30, 2024, was $1,320,706, compared to $5,026,399 for the previous year[441] - Basic non-GAAP earnings per common share for the year ended June 30, 2024, was $0.03, down from $0.22 for the previous year[441] - Net loss increased by $2.0 million or 1,215.8% to a loss of $1.8 million in fiscal 2024 from a net income of $0.2 million in fiscal 2023[458] Revenue Breakdown - Revenue from IT consulting services decreased by 5.2% or $7.5 million in fiscal 2024, primarily due to decreased demand from existing clients[411] - Revenue from new clients in IT consulting services amounted to approximately $3.3 million in fiscal 2024, up from $2.7 million in fiscal 2023[411] - Revenue from customized IT solution services decreased by $1.5 million, or 30.9%, to $3.1 million for the year ended June 30, 2024, due to decreased demand from existing clients[446] - Revenue from other services increased by $0.3 million, or 17.3%, to $1.8 million for the year ended June 30, 2024[446] - Revenue from academic education services was $1.0 million, primarily due to the acquisition of College of Allied Educators Pte. Ltd[447] - Revenues from the top five clients accounted for 44.9% of total revenues for fiscal 2024, down from 49.1% in fiscal 2023[447] - Revenue generated outside of Mainland China accounted for 15.6% of total revenue for the year ended June 30, 2024, compared to 10.8% in the prior year[447] Assets and Liabilities - Total assets as of June 30, 2024, were $110.0 million, with cash and cash equivalents amounting to $29.1 million[409] - Total liabilities as of June 30, 2024, were $46.1 million[409] - As of June 30, 2024, total shareholders' equity was approximately $62.5 million, reflecting the company's financial stability[481] - As of June 30, 2024, the company had cash and cash equivalents of approximately $29.1 million, current assets of approximately $78.1 million, and current liabilities of approximately $39.8 million[481] Expenses - Cost of revenues decreased by $6.0 million or 5.2% to approximately $109.9 million in fiscal 2024 from approximately $115.9 million in fiscal 2023, representing 76.9% of revenues in fiscal 2024[448] - Gross profit decreased by $1.6 million or 4.5% to approximately $32.9 million in fiscal 2024, with gross margin increasing to 23.1% from 22.9% in fiscal 2023[449] - Selling and marketing expenses increased by $1.3 million or 38.6% to $4.6 million in fiscal 2024, accounting for 3.2% of revenues compared to 2.2% in fiscal 2023[449] - R&D expenses decreased by $1.1 million or 14.2% to $7.2 million in fiscal 2024, representing 5.0% of total revenues[451] - General and administrative expenses increased by $3.5 million or 16.1% to $25.1 million in fiscal 2024, with non-GAAP expenses increasing by $2.9 million or 15.2%[452] Acquisitions and Investments - The company has been actively expanding its service offerings through research and development, targeted hiring, and strategic acquisitions[412] - The company invested $0.15 million for a 30% equity interest in Huanyu and later acquired the remaining 70% for $0.07 million, resulting in a total consideration of $219,272[414][417] - The acquisition of CareerWin involved a total cash consideration of $308,975, with $289,980 allocated to the acquisition of 100% equity interests in CareerWin[424][425] - The company acquired 100% of CAE for $3,244,145, aimed at creating synergies between IT professionals and educational platforms[433] - The acquisition of Shell Infotech was completed for a total cash consideration of $887,836 and $29,595, expanding the company's market share in Southeast Asia[435][436] - The company recognized a loss of $19,682 related to the remeasurement of its previously held equity interest in Huanyu[414] Cash Flow - Net cash provided by operating activities was approximately $8.9 million in fiscal 2024, including a net loss of $1.8 million, adjusted for non-cash items of $5.6 million and positive adjustments for changes in operating assets and liabilities of $5.1 million[486] - Net cash used in investing activities was approximately $12.3 million in fiscal 2024, primarily due to purchases of property and equipment, loans provided to a related party, and purchases of subsidiaries[490] - Net cash provided by financing activities was approximately $10.2 million in fiscal 2024, with bank loans of approximately $44.5 million and repayments of approximately $31.8 million[491] Currency and Taxation - The RMB depreciated by 3.7% in fiscal 2022, 8.3% in fiscal 2023, and 0.2% in fiscal 2024, impacting financial results reported in U.S. dollar terms[640] - The company has not been exposed to material risks due to changes in market interest rates, as its exposure primarily relates to interest income from excess cash held in interest-bearing bank deposits[638] - Valuation allowances are established to reduce deferred tax assets to the expected realizable amount when it is more likely than not that some portion will not be realized[507] - The company recognizes uncertain tax positions as benefits only if they are more likely than not to be sustained in a tax examination[508] Revenue Recognition - Revenue for customized IT solution services is recognized at the point of implementation and acceptance by the customer, with contract assets recorded for differences between billings and revenue recognition[503] - Academic education service revenue is recognized proportionately over a service period of 6 to 15 months, with tuition fees generally paid in advance and recorded as contract liabilities[505] - Revenue from headhunting services is recognized at a point in time when control is transferred to customers, while consulting and administrative services revenue is recognized over time[506] Client and Market Dynamics - The company aims to strengthen its position in the Southeast Asia region for IT services through acquisitions, including the purchase of Shell Infotech Pte. Ltd.[407] - The company aims to enhance its position as a leading IT services provider in the banking industry in China, focusing on sales growth and profitability[413] - The number of clients increased to 300 for the year ended June 30, 2024, compared to the prior year period[447] - Revenue generated outside of Mainland China accounted for 10.8% of total revenue for the year ended June 30, 2023, compared to 9.3% in the prior year[465]

HONG KONG, Oct. 11, 2024 /PRNewswire/ -- CLPS Incorporation (Nasdaq: CLPS) ("CLPS" or the "Company"), today announced that it will release its second half and full year of fiscal 2024 financial results before the market opens on Friday, October 18, 2024.About CLPS IncorporationHeadquartered in Hong Kong, CLPS Incorporation is a global leading information technology ("IT") consulting and solutions service provider focused on delivering services primarily to global institutions on the banking, wealth manageme ...

HONG KONG, Sept. 9, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS) today announced that it has received a written notice ("Notification") from the Nasdaq Stock Market LLC ("Nasdaq") informing that the Company has regained compliance with the Nasdaq's minimum bid price requirement.According to the Notification, the minimum bid price of the Company's common share was $1.00 per share or greater for the last 10 consecutive trading days from August 22 through September 5, 2024. ...

HONG KONG, Aug. 27, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS) announced today the successful grand opening of its wholly-owned Singapore-based learning institution, College of Allied Educators Pte. Ltd. ("CAE"). This milestone marks a strategic move to vertically integrate the Company's business with academic education.The opening ceremony brought together distinguished leaders and industry experts from various sectors. Attendees included Dr. Han Jun, Minister Counsell ...

HONG KONG, Aug. 7, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS) today announced that, through its wholly-owned subsidiary, CLPS Investment Management Ltd., it established Ridik Technology Ltd. ("Ridik Dubai"), in Dubai, United Arab Emirates, on July 31, 2024. This strategic move aims to deepen the Company's global expansion strategy and tap into the thriving Middle East market by providing advanced IT services and solutions to local and international business.The Middle E ...

HONG KONG, July 2, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS) today announced the organizational restructuring with the appointment of Chief Operating Officer ("COO"), Mr. Henry Li Li, as the President of the Company, effective immediately. Mr. Li will transition from his COO role to exclusively assume the responsibilities of the President, and he will report directly to the Board of Directors (the "Board").Since joining CLPS in 2019, Mr. Li has been instrumental in dri ...

HONG KONG, June 14, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS) today announced that it received a written notice from The Nasdaq Stock Market LLC ("Nasdaq") dated June 10, 2024, indicating that the Company's closing bid price for its common shares fell below $1.00 per share for 30 consecutive trading days, which is not in compliance with Nasdaq Listing Rule 5450(a)(1). The Nasdaq notification does not affect CLPS's current listing or trading of the Company's securities ...

HONG KONG, June 13, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS) today announced that, through its wholly-owned subsidiary, Ridik Pte. Ltd. ("Ridik"), it has acquired 100% of the equity of Shell Infotech Pte. Ltd. and its wholly-owned subsidiary Shell Infotech Consulting Sdn. Bhd. (collectively, "Shell Infotech"). This acquisition expands CLPS's client base and market share in Southeast Asia while strengthening its core IT competencies and service offerings, solidifying i ...

HONG KONG, May 17, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), honors IBM's 60th anniversary in the mainframe industry and its unwavering commitment to fostering future talents.Since the 1964 launch of its first modern mainframe, the IBM System/360, IBM's dedication to reliability, security, and performance has made mainframe a cornerstone of global digital transformation for large enterprises. This milestone coincides with its launch of Mainframe Skills Council, a glob ...

HONG KONG, March 5, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), today announced its unaudited financial results for the six months ended December 31, 2023, or the first half of the Company's fiscal year 2024. During this period, CLPS navigated a challenging global economic landscape due to factors such as economic slowdown and the impact of exchange rate fluctuation between the RMB and the U.S. dollar, given its reporting currency. While these factors impacted business ...