Financial Performance - For the three months ended September 30, 2024, revenues were $2,242,365, a decline of 61.8% compared to the same period in 2023 [2] - The net loss for the third quarter was $3,492,883, with a basic and diluted loss of $0.33 per share [2] - For the nine months ended September 30, 2024, revenues were $5,932,596, a decline of 74.4% compared to the same period in 2023 [3] - The net loss for the nine months was $40,582,933, with a basic and diluted loss of $3.78 per share [3] Segment Performance - Bromine revenues for the third quarter declined by 68% to $1,571,313, while crude salt revenues declined by 26% to $654,039 [2] - Losses from operations for bromine were $13,475,400 and for crude salt were $47,725 for the nine months ended September 30, 2024 [3] - The company incurred a loss of $29,169,008 from the disposition of equipment and purchased $60,526,213 worth of new equipment [3] Cash Position and Assets - Cash position declined to $11,237,493 from $72,223,894 as of December 31, 2023 [3] - Total assets at the end of the third quarter were $193,885,294, down from $226,671,708 at the end of 2023 [3][9] Management Commentary - The CEO expressed confidence in China's economic recovery and the company's return to profitability, while acknowledging the postponement of equipment delivery for the chemical factory due to lack of short-term profitability [5] - The company is seeking the best strategy for its natural gas business and is participating in a government-required flood prevention program [5] - Management is optimistic about future opportunities as bromine prices begin to improve [6] Conference Call - Gulf Resources management will host a conference call on November 20, 2024, to discuss its unaudited financial results for the nine and three months ended September 30, 2024 [6][7]

Company Operations - The Company operates through four segments: bromine, crude salt, chemical products, and natural gas[153]. - The Company is one of the largest producers of bromine in China, with significant applications in various industries[154]. - The Company plans to proceed with applications for natural gas and brine project approvals following governmental planning finalization[166]. Acquisitions and Approvals - On June 26, 2024, the Company entered into an acquisition agreement to purchase 2,380,000 square meters of crude salt field for a total price of RMB129,472,000[168]. - The Company has received governmental approvals to resume operations at several bromine factories, including Factory No. 1 and No. 7 in April 2019[159]. - The Company is awaiting governmental approval for factories No. 2 and No. 10, which may require modifications to current wells and aqueducts[164]. Financial Performance - Net revenue for the three-month period ended September 30, 2024, was $2,242,365, a decrease of 62% compared to $5,865,615 for the same period in 2023[182]. - Net revenue for the nine-month period ended September 30, 2024 was $5,932,596, a 74% decrease from $23,173,404 in the same period in 2023[211]. - The gross profit for the nine-month period ended September 30, 2024 was a loss of $5,370,923, compared to a profit of $2,708,986 in the same period in 2023, reflecting a gross profit margin decrease from 12% to 91%[225]. - Net loss for the three-month period ended September 30, 2024 was $3,492,883, compared to a net loss of $1,775,797 in the same period in 2023[210]. - The net loss for the nine-month period ended September 30, 2024, was $40,582,933, compared to a net loss of $3,015,360 in the same period in 2023[241]. Segment Performance - The bromine segment's net revenue decreased to $1,571,313, down 68% from $4,908,152 in the prior year, due to a 57% decrease in tonnes sold and a 26% decrease in average selling price[183]. - The crude salt segment reported net revenue of $654,039, a decrease of 26% from $889,556, primarily due to a 20% decrease in tonnes sold[184]. - The equipment lease segment reported net revenue of $17,013, down 75% from $67,907 in the same period in 2023[188]. - The net revenue from the chemical products segment was $0 for the nine-month period ended September 30, 2024, due to the closure of chemical factories since September 1, 2017[215]. Cost and Expenses - Direct labor and factory overheads incurred during the plant shutdown amounted to $1,736,345 for the three-month period ended September 30, 2024, compared to $1,007,689 in the same period in 2023, reflecting a 72% increase[202]. - General and administrative expenses increased to $1,002,529 for the three-month period ended September 30, 2024, up 31% from $762,884 in the same period in 2023[203]. - Direct labor and factory overhead costs incurred during the plant shutdown amounted to $7,185,537 for the nine-month period ended September 30, 2024, compared to $4,471,954 for the same period in 2023[233]. - General and administrative expenses increased by $143,697 (or 6%) to $2,409,957 for the nine-month period ended September 30, 2024, compared to $2,266,260 in 2023[234]. Loss from Operations - Loss from operations in the bromine segment was $4,029,999 for the three-month period ended September 30, 2024, compared to a loss of $2,143,203 in the same period in 2023, driven by a 57% decrease in tonnes sold and a 26% decrease in average selling price[206]. - Loss from operations in the crude salt segment was $102,657 for the three-month period ended September 30, 2024, compared to income of $500,469 in the same period in 2023, due to a 20% decrease in tonnes sold and an 8% decrease in average selling price[207]. - Loss from operations was $14,998,025 for the nine-month period ended September 30, 2024, compared to an income of $4,011,944 in the same period in 2023[235]. - The bromine segment reported a loss from operations of $13,475,400 for the nine-month period ended September 30, 2024, compared to a loss of $3,340,404 in 2023, attributed to a decrease in the average selling price of bromine from $3,493 per ton to $2,423 per ton[237]. Cash Flow and Assets - Net cash used in operating activities was approximately $293,463 for the nine-month period ended September 30, 2024, compared to cash provided of $9,869,612 in 2023[246]. - Cash and cash equivalents decreased to $11,237,493 as of September 30, 2024, from $72,223,894 as of December 31, 2023, reflecting a decrease of $60,986,401[245]. - The overall accounts receivable balance decreased by $3,678,816 as of September 30, 2024, compared to December 31, 2023[252]. - Inventory decreased by $149,390 as of September 30, 2024, compared to the net inventory level as of December 31, 2023[253]. - Approximately $60.5 million was used to acquire property, plant, and equipment during the nine-month period ended September 30, 2024[256]. Compliance Issues - The Company has been notified by Nasdaq regarding non-compliance with filing requirements, with a deadline to regain compliance by October 14, 2024[173]. - The Company received a notice from Nasdaq for not meeting the Minimum Bid Price Requirement, with a compliance deadline of May 5, 2025[175].

Company Operations - The Company operates through four segments: bromine, crude salt, chemical products, and natural gas, with significant production output in bromine, making it one of the largest producers in China[130]. - The Company plans to acquire 2,380,000 square meters of crude salt field for a total transfer price of RMB129,472,000, with 80% payable upon execution of the agreement[141]. - The Company has entered into four additional acquisition agreements for crude salt fields totaling approximately 2,761,000 square meters, with prices ranging from RMB54.00 to RMB55.70 per square meter[142][143]. - The Company temporarily halted production at its bromine facilities from December 10, 2022, to February 1, 2023, and resumed operations as planned[138]. - The Company is awaiting governmental approval for factories No. 2 and No. 10, which may require modifications to current wells and aqueducts[138]. - The Company has secured land use rights for its new chemical plant at Bohai Marine Fine Chemical Industrial Park, with construction expected to take approximately one year[139]. - The Company commenced trial production at its natural gas well field in Daying, Sichuan Province, in January 2019, but is currently awaiting necessary project approvals[140]. Financial Performance - Net revenue for the three-month period ended June 30, 2024, was $2,383,169, a decrease of 70% compared to $8,005,782 in the same period of 2023[153]. - Bromine segment net revenue decreased to $1,859,234, down 75% from $7,356,347, with a 67% reduction in tonnes sold and a 22% decrease in average selling price[156]. - Crude salt segment net revenue was $523,935, a 19% decrease from $649,435, primarily due to a 33% drop in average selling price[156]. - Gross loss for the three-month period was $2,728,889, representing a gross loss margin of 115%, compared to a gross profit of $684,340 and a margin of 9% in the same period of 2023[163]. - Loss from operations was $5,146,997 for the three-month period ended June 30, 2024, compared to a loss of $919,098 in the same period of 2023[170]. - Cost of net revenue was $5,112,058, a decrease of 30% from $7,321,442, reflecting the significant drop in net revenue[159]. - Direct labor and factory overheads during the plant shutdown amounted to $1,714,503 for the three-month period ended June 30, 2024, compared to $1,055,529 in the same period of 2023[169]. - General and administrative expenses increased to $689,972, up 16% from $593,325 in the same period of 2023[170]. - The bromine segment's gross loss margin was 154% for the three-month period ended June 30, 2024, compared to a gross profit margin of 4% in the same period of 2023[166]. - Income tax benefit for the three-month period was $1,208,110, a 527% increase from $192,699 in the same period of 2023[170]. - The net loss for the three-month period ended June 30, 2024, was $33,097,918, compared to a net income of $681,816 in the same period in 2023[176]. - Net revenue for the six-month period ended June 30, 2024, was $3,690,231, a decrease of 79% from $17,307,789 in the same period in 2023[177]. - The gross loss for the six-month period ended June 30, 2024, was $3,541,672, representing 96% of net revenue, compared to a gross profit of $3,217,273, or 19% of net revenue, in the same period in 2023[186]. - Loss from operations for the bromine segment was $9,445,401 for the six-month period ended June 30, 2024, compared to a loss of $1,197,201 in the same period in 2023, attributed to a 72% decrease in tonnes sold[193]. - The cost of net revenue for the bromine segment decreased to $6,801,811 for the six-month period ended June 30, 2024, from $13,192,124 in the same period in 2023, a reduction of 48%[183]. - General and administrative expenses were $1,407,428 for the six-month period ended June 30, 2024, a decrease of 6% from $1,503,376 in the same period in 2023[191]. - Other income, net for the three-month period ended June 30, 2024, was $9,977, a decrease of approximately 78% compared to the same period in 2023[176]. - The average selling price of bromine decreased to $2,438 per ton in the six-month period ended June 30, 2024, from $3,580 per ton in the same period in 2023[188]. - The utilization ratio for bromine production capacity dropped to 4% for the six-month period ended June 30, 2024, from 34% in the same period in 2023, a variance of 30%[185]. - The net revenue from the crude salt segment decreased to $640,606 for the six-month period ended June 30, 2024, compared to $1,398,116 in the same period in 2023, a decrease of 54%[181]. - Crude salt segment reported income from operations of $54,932 for the six-month period ended June 30, 2024, a significant improvement from a loss of $404,013 in the same period in 2023[194]. - Chemical products segment experienced a loss from operations of $654,078 for the six-month period ended June 30, 2024, reduced from a loss of $833,892 in the same period in 2023[196]. - Natural gas segment reported a loss from operations of $101,482 for the six-month period ended June 30, 2024, compared to an income of $9,855 in the same period in 2023[197]. - Net loss for the six-month period ended June 30, 2024, was $37,090,050, compared to a net loss of $1,239,563 in the same period in 2023[197]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $10,367,539 as of June 30, 2024, down from $72,223,894 as of December 31, 2023, reflecting a decrease of $61,856,355[198]. - Cash flow used in operating activities was approximately $812,141 for the six-month period ended June 30, 2024, compared to cash provided of $11,011,556 in the same period in 2023[199]. - Total accounts receivable decreased by $3,129,401 as of June 30, 2024, compared to December 31, 2023, with cash collections significantly impacting overall liquidity[202]. - Inventory decreased by $163,469 (or 28%) as of June 30, 2024, compared to the net inventory level as of December 31, 2023[204]. - Approximately $60.5 million was used in investing activities during the six months ended June 30, 2024, primarily for acquiring property, plant, and equipment[206]. Compliance and Regulatory Matters - The Company received a notice from Nasdaq regarding non-compliance due to delayed filings, with a deadline to submit a compliance plan by June 17, 2024[144]. - The Company has been granted an exception by Nasdaq to regain compliance, with a requirement to file delinquent reports by October 14, 2024[145]. Strategic Focus - The company intends to focus on expanding its segments within the Chinese market, including SCHC, SYCI, SHSI, and DCHC[207].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-34499 GULF RESOURCES, INC. (Exact name of registrant as specified in its charter) Nevada 13-3637458 (State or other ju ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 001-34499 Gulf Resources Inc. (Exact name of registrant as specified in its charter) Nevada 13-3637458 ...

SHOUGUANG, China, July 08, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources", "we," or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced it had received a letter from NASDAQ granting the Company an extension until October 14, 2024 to regain compliance with NASDAQ's listing rules. As previously disclosed, on April 18, 2024 and May 21, 2024, the Company received letters from NASDAQ indicating that that it did no ...

SHOUGUANG, China, July 08, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources", "we," or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced it had received a letter from NASDAQ granting the Company an extension until October 14, 2024 to regain compliance with NASDAQ's listing rules. As previously disclosed, on April 18, 2024 and May 21, 2024, the Company received letters from NASDAQ indicating that that it did not ...

SHOUGUANG, China, April 18, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that with approval from the audit committee and the board of directors (the "Board") of the Company, it has changed its independent auditor from WWC, P.C. Certified Public Accountants ("WWC" or the "Former Auditor") to GGF CPA LIMITED ("GGF" or the "Successor Auditor") effective Apr ...

SHOUGUANG, China, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced it would like to update shareholders on the status of the Yuxin Chemical factory. At this time, the company has still not ordered the delivery of the remaining equipment for the factory while it evaluates market opportunities. The Chinese economy is currently weak. The weakness is es ...

SHOUGUANG, China, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (NASDAQ:GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that it has completed its approximately $50 million flood prevention project recently. This project was implemented for safeguarding its bromine facilities. While implemented to protect its bromine facilities and prevent potential flooding that could harm the wells, aqueducts and cru ...