Revenue Performance - Total revenue for Q2 2024 decreased by 12.56% to approximately $26.25 million, down from $30.02 million in Q2 2023, primarily due to the suspension of offset printing paper and tissue paper production[3] - For the first half of 2024, total revenue decreased by 33.52% to approximately $33.11 million from approximately $49.81 million in the same period last year, largely due to production suspensions[20] - Revenue from Regular Corrugating Medium Paper (CMP) increased slightly by 0.24% to approximately $21.98 million, while Light-Weight CMP revenue decreased by 6.93% to approximately $4.23 million[7] - Revenue from CMP decreased by 28.18% to approximately $33.04 million for the first half of 2024, accounting for 99.78% of total revenue[21] - Regular CMP revenue decreased by 27.77% to approximately $27.73 million, with sales of 78,452 tonnes at an ASP of $354/tonne[22] - Light-weight CMP revenue decreased by 30.23% to approximately $5.31 million, with sales of 15,582 tonnes at an ASP of $340/tonne[22] Profitability - Gross profit increased significantly to approximately $3.27 million, compared to $1.18 million in the same period last year, resulting in a gross profit margin of 12.44%, up 8.51 percentage points[3] - Operating income for Q2 2024 was approximately $0.55 million, a turnaround from an operating loss of $0.52 million in Q2 2023, with an operating margin of 2.09%[13] - EBITDA for Q2 2024 was approximately $3.93 million, an increase from $2.83 million in Q2 2023, indicating improved operational performance[16] - Total gross profit increased to approximately $3.66 million for the first half of 2024, with a gross margin of 11.07%[26] - EBITDA was approximately $3.91 million for the first half of 2024, compared to approximately $4.03 million for the same period last year[29] Losses and Expenses - Net loss narrowed to approximately $0.08 million, or loss per share of $0.01, compared to a net loss of $1.25 million, or loss per share of $0.12, in the same period last year[15] - Net loss was approximately $3.82 million for the first half of 2024, compared to a net loss of approximately $3.99 million for the same period last year[28] - Selling, general and administrative expenses rose by 105.35% to approximately $2.72 million, mainly due to increased depreciation of idle fixed assets during production suspension[12] - Selling, general and administrative expenses increased by 73.31% to approximately $6.62 million for the first half of 2024[26] - Selling, general, and administrative expenses for the six months ended June 30, 2024, were $(6,618,331), an increase from $(3,818,767) for the same period in 2023[44] Cash and Assets - Cash and bank balances increased to approximately $5.14 million as of June 30, 2024, compared to $3.92 million as of December 31, 2023[32] - Net accounts receivable increased to approximately $2.64 million as of June 30, 2024, compared to $0.58 million as of December 31, 2023[33] - Current assets increased to approximately $33.43 million with working capital of approximately $10.51 million as of June 30, 2024[33] - Cash provided by operating activities for the six months ended June 30, 2024, was $1,346,337, compared to $5,746,719 for the same period in 2023[46] - Cash, cash equivalents, and restricted cash at the end of the period were $6,043,922, compared to $11,980,759 at the end of the same period in 2023[47] Stockholders' Equity - Total stockholders' equity as of June 30, 2024, was $163,454,811, down from $168,336,863 as of December 31, 2023[41] Other Financial Metrics - Interest income for the three months ended June 30, 2024, was $2,807, compared to $53,637 for the same period in 2023, indicating a decline[44] - The company reported a loss per share of $(0.008) for the three months ended June 30, 2024, compared to $(0.12) for the same period in 2023[44] - Total comprehensive loss for the three months ended June 30, 2024, was $(833,897), compared to $(10,317,188) for the same period in 2023, reflecting a substantial decrease[44]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34577 IT TECH PACKAGING, INC. (Exact name of registrant as specified in its charter) | --- | --- | |---------------------------------|------ ...

Exhibit 99.1 IT Tech Packaging, Inc. Announces First Quarter 2024 Unaudited Financial Results BAODING, China, May 10, 2024 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the first quarter ended March 31, 2024. Mr. Zhenyong Liu commented: "In the first quarter of FY2024, we realized revenue of approximately $6.86 million ...

Financial Performance - Revenue decreased by 65.32% to $6.86 million in Q1 2024, primarily due to production suspensions of corrugating medium paper (CMP) and tissue paper products [3][4] - Gross profit improved to $0.40 million from a loss of $0.28 million in Q1 2023, with gross profit margin increasing by 7.21 percentage points to 5.81% [3][7] - Net loss widened to $3.75 million in Q1 2024 from $2.73 million in Q1 2023, with loss per share increasing to $0.37 from $0.27 [3][9] - EBITDA turned negative at -$0.02 million in Q1 2024 compared to $1.21 million in Q1 2023 [3][11] Product Performance - CMP revenue, including regular and light-weight, decreased by 65.04% to $6.83 million, accounting for 100% of total revenue in Q1 2024 [5] - Regular CMP revenue fell by 65.08% to $5.75 million, with sales volume dropping to 15,640 tonnes at an ASP of $368/tonne [6] - Light-weight CMP revenue declined by 64.83% to $1.08 million, with sales volume decreasing to 3,030 tonnes at an ASP of $355/tonne [6] - Tissue paper products and face masks generated no revenue in Q1 2024 due to production suspensions [6][7] Industry and Market Conditions - Domestic packaging paper faced sluggish demand and price pressures in Q1 2024 [2] - Increased production capacity from industry peers and intensified competition from imported finished products posed challenges [2] - Interest rate hikes added persistent pressure on the industry [2] - China is implementing policies to stimulate the economy and support enterprises, which may improve the packaging paper industry's business environment [2] Operational Strategies - The company plans to optimize raw material structure and minimize purchase prices to ensure production efficiency and consistent quality [2] - Exploration of new products and markets with appropriate price adjustments is underway to capture greater market share [2] - Better control of inventory, working capital, and cash flow is expected to improve the company's operational health [2] Financial Position - Cash and bank balances increased to $4.51 million as of March 31, 2024, from $3.92 million at the end of 2023 [12] - Short-term debt rose to $9.69 million, while long-term debt decreased to $3.24 million [12] - Working capital stood at $5.44 million as of March 31, 2024, down from $6.94 million at the end of 2023 [13] - Net cash provided by operating activities was $0.62 million in Q1 2024, significantly lower than $4.81 million in Q1 2023 [14][15]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34577 IT TECH PACKAGING, INC. (Exact name of registrant as specified in its charter) | --- | --- | |--------------------------------------- ...

Financial Performance - For the fiscal year 2023, total revenue decreased by 13.76% to approximately $86.55 million, down from $100.35 million in 2022[17]. - In Q4 2023, total revenue decreased by 1.91% to approximately $20.96 million, compared to $21.37 million in Q4 2022[3]. - Total revenue decreased by $13.67 million, or 13.66%, to approximately $86.41 million for the year ended December 31, 2023, compared to $100.08 million for 2022[21]. - Total revenues for the year ended December 31, 2023, were $86,546,950, a decrease of 13.7% from $100,352,434 in 2022[43]. Profitability - Gross profit for Q4 2023 was approximately $0.25 million, a decrease of 75.61% from $1.03 million in Q4 2022, resulting in a gross margin of 1.19%[11]. - For the full year 2023, the gross profit margin decreased by 3.58 percentage points to 1.16% compared to 4.74% in 2022[17]. - Total gross profit decreased by $3.75 million, or 78.97%, to approximately $1.00 million, resulting in a gross margin of 1.16% for the year ended December 31, 2023, down from 4.74% in 2022[27]. - Gross profit for 2023 was $999,885, down 79.0% from $4,754,196 in 2022[43]. Net Loss - The net loss for Q4 2023 was approximately $3.98 million, or a loss of $0.40 per share, compared to a net loss of $11.91 million, or a loss of $1.19 per share, in Q4 2022[12]. - Net loss increased by $6.63 million, or 39.98%, to approximately $9.95 million for the year ended December 31, 2023, with a loss per share of $0.99[28]. - Net loss for 2023 was $9,946,035, compared to a net loss of $16,571,308 in 2022, representing a 40.0% improvement[43]. - Basic and diluted losses per share improved to $(0.99) in 2023 from $(1.66) in 2022[43]. EBITDA - EBITDA for Q4 2023 was approximately $0.11 million, a significant decrease of 97.08% from $3.77 million in Q4 2022[13]. - EBITDA decreased by $5.35 million, or 48.81%, to approximately $5.61 million for the year ended December 31, 2023, compared to $10.96 million for 2022[29]. Expenses - Selling, general and administrative expenses increased by 122.80% to approximately $3.38 million in Q4 2023, up from $1.52 million in Q4 2022[12]. - SG&A expenses decreased by $0.98 million, or 9.78%, to approximately $9.08 million for the year ended December 31, 2023[27]. Revenue Breakdown - Revenue from regular Corrugating Medium Paper (CMP) decreased by 1.52% to approximately $17.02 million in Q4 2023, with an average selling price (ASP) of $362 per tonne[9]. - Revenue from tissue paper products increased by 87.04% to approximately $0.47 million in Q4 2023, with an ASP of $987 per tonne[10]. - Revenue from regular CMP decreased by $14.93 million, or 18.14%, to approximately $67.37 million, while revenue from light-weight CMP decreased by $1.91 million, or 11.61%, to approximately $14.52 million for the year ended December 31, 2023[22]. - Revenue from face masks decreased by $0.15 million, or 58.86%, to approximately $0.11 million for the year ended December 31, 2023[25]. Cash Flow and Assets - Cash and bank balances decreased to approximately $3.92 million as of December 31, 2023, down from $9.52 million at the end of 2022[32]. - Current assets decreased to approximately $28.36 million, while current liabilities increased to approximately $21.42 million, resulting in working capital of approximately $6.94 million as of December 31, 2023[33]. - Net cash provided by operating activities increased to approximately $12.87 million for the year ended December 31, 2023, compared to $10.72 million for 2022[34]. - Total current assets decreased to $28,357,901 in 2023 from $47,166,475 in 2022, a decline of 39.8%[40]. - Cash and bank balances at the end of 2023 were $3,918,938, down from $9,524,868 at the end of 2022, a decrease of 58.8%[46]. - Net cash provided by operating activities for 2023 was $12,871,086, an increase from $10,719,388 in 2022[45]. - Cash used in investing activities was $22,239,297 in 2023, compared to $10,898,531 in 2022, indicating increased capital expenditures[45]. Strategic Focus - The company plans to focus on acquiring new customers and improving efficiency while implementing flexible pricing strategies to adapt to market trends[2].

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 001-34577 IT Tech Packaging, Inc. (Exact name of registrant as specified in its charter) Nevada 20-4158835 St ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number: 001-34577 IT TECH PACKAGING, INC. (Exact name of registrant as specified in its charter) | --- | --- | |------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number: 001-34577 IT TECH PACKAGING, INC. (Exact name of registrant as specified in its charter) | --- | --- | |------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number: 001-34577 IT TECH PACKAGING, INC. (Exact name of registrant as specified in its charter) | --- | --- | |----------------------- ...