LISHUI, China, Jan. 15, 2025 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company") today announced that on January 15, 2025, TANH's U.S. subsidiary, Gohomeway Group Inc., has been appointed Chair of the Home Furnishing Materials Committee under the American Chinese National Chamber of Commerce. This signifies Gohomeway's rising prominence in the U.S. home furnishing and building materials sector and underscores TANH's leadership in driving industry innovation.This appointment soli ...

[Unaudited Condensed Consolidated Financial Statements](index=1&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=1&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202024%20(Unaudited)%20and%20December%2031%2C%202023) Total assets slightly increased to $142.2 million driven by higher cash, while liabilities rose marginally due to new warrants Condensed Consolidated Balance Sheets | Account | June 30, 2024 (Unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $34,196,461 | $29,091,098 | | Accounts receivable, net | $39,754,895 | $41,798,647 | | Total Current Assets | $117,971,350 | $115,670,579 | | Total Assets | $142,168,973 | $141,686,597 | | **Liabilities & Equity** | | | | Short-term bank loans | $0 | $2,264,812 | | Accounts payable | $6,513,874 | $2,309,283 | | Warrant liabilities | $2,208,668 | $0 | | Total Liabilities | $19,087,122 | $18,681,365 | | Total Stockholders' Equity | $123,081,851 | $123,005,232 | [Unaudited Condensed Consolidated Statements of Operation and Comprehensive Loss](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operation%20and%20Comprehensive%20Loss%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202024%20and%202023) Revenue grew 9.0% to $21.5 million, but net income fell 35.0% to $1.3 million due to higher expenses and warrant liability losses - Key factors impacting net income included a **$1,005,593 gain from the disposal of a subsidiary** and an **$850,294 loss from the change in fair value of warrant liabilities** in 2024, compared to a $290,267 subsidy income in 2023[6](index=6&type=chunk) Unaudited Condensed Consolidated Statements of Operation | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Revenues | $21,526,587 | $19,741,709 | | Gross Profit | $4,802,629 | $4,054,830 | | Income from operations | $1,712,488 | $1,893,848 | | Net income attributable to common shareholders | $1,306,778 | $2,011,244 | | Basic EPS | $0.23 | $1.06 | | Diluted EPS | $0.21 | $1.06 | [Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202024%20and%202023) Stockholders' equity remained stable at $123.1 million as net income was offset by a negative foreign currency translation adjustment - Key activities affecting equity in H1 2024 included the issuance of common shares and pre-funded warrants raising approximately **$284,000**[8](index=8&type=chunk) - Conversion of a convertible note added **$909,000** to capital[8](index=8&type=chunk) - Net income contributed **$1.1 million**[8](index=8&type=chunk) - A significant foreign currency translation adjustment reduced equity by **$2.2 million**[8](index=8&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202024%20and%202023) Operating cash flow turned positive at $4.4 million due to working capital changes, leading to a $5.1 million net increase in cash - The significant positive swing in operating cash flow was primarily driven by a **$4.6 million increase in accounts payable**[9](index=9&type=chunk) Unaudited Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,445,522 | $(901,876) | | Net cash used in investing activities | $(900,070) | $(1,397,446) | | Net cash provided by financing activities | $1,488,834 | $8,509,635 | | **Net increase in cash** | **$5,100,208** | **$5,760,061** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details accounting policies, divestitures, liabilities, related-party transactions, contingencies, and segment performance [Note 1 - Organization and Nature of Business](index=5&type=section&id=Note%201%20-%20Organization%20and%20Nature%20of%20Business) The Group operates in bamboo products, electric and non-electric vehicles, and mining exploration, primarily through subsidiaries in China - The Group's main business activities are the R&D, production, and distribution of **bamboo products**[10](index=10&type=chunk) - The Group also manufactures and sells **electric and non-electric vehicles**[10](index=10&type=chunk) - A third business line involves investment in **mining exploration**[10](index=10&type=chunk) [Note 2 - Summary of Significant Accounting Policies](index=6&type=section&id=Note%202%20-%20Summary%20of%20Significant%20Accounting%20Policies) The company follows U.S. GAAP, uses Level 3 inputs for fair value measures, and faces significant customer and supplier concentration risks - The company measures its convertible note and warrant liabilities at fair value on a recurring basis using **significant unobservable inputs (Level 3)**, specifically the Monte Carlo Simulation Model[23](index=23&type=chunk)[25](index=25&type=chunk) - The Group has significant customer concentration, with **three major customers accounting for 68% of total sales** in H1 2024[48](index=48&type=chunk) - The Group also has significant supplier concentration, with **two major suppliers accounting for 50% of total purchases** in H1 2024[50](index=50&type=chunk) [Note 3 - Divestitures](index=12&type=section&id=Note%203%20-%20Divestitures) The Group sold its Tantech Charcoal subsidiary in March 2024, resulting in a gain of approximately $1.0 million - The Group disposed of its subsidiary, Tantech Charcoal, in March 2024, recognizing a **gain of $1,005,593**[57](index=57&type=chunk) [Note 4 - Accounts Receivable, net](index=12&type=section&id=Note%204%20-%20Accounts%20Receivable%2C%20net) Net accounts receivable decreased to $39.8 million, with the allowance for credit losses reduced due to a significant write-off Accounts Receivable, net | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Accounts receivable | $43,777,466 | $46,562,210 | | Allowance for credit losses | $(4,022,571) | $(4,763,563) | | **Accounts receivable, net** | **$39,754,895** | **$41,798,647** | [Note 5 – Inventory, net](index=13&type=section&id=Note%205%20%E2%80%93%20Inventory%2C%20net) Total inventory decreased from $1.2 million to $0.9 million, driven by reductions in work in process and finished goods Inventory, net | Category | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Raw materials | $491,021 | $539,916 | | Work in process | $442,981 | $663,789 | | Finished products | $0 | $31,871 | | **Total Inventory** | **$934,002** | **$1,235,576** | [Note 6 – Advances to Suppliers, net](index=13&type=section&id=Note%206%20%E2%80%93%20Advances%20to%20Suppliers%2C%20net) Net advances to suppliers decreased significantly from $212,284 to $81,741 during the first half of 2024 Advances to Suppliers, net | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Advances to suppliers, net** | **$81,741** | **$212,284** | [Note 7 - Financing Receivable, net](index=13&type=section&id=Note%207%20-%20Financing%20Receivable%2C%20net) The factoring financing business maintained a stable receivable balance of $42.4 million but saw a decline in interest income - The financing receivables are secured by pledged accounts receivable and generally have a term of **12 months with an annual interest rate of 6.5%**, which can be extended for another 12 months at 4.8%[62](index=62&type=chunk) Net Financing Interest Income | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net financing interest income | $860,149 | $1,206,998 | [Note 8 - Leases](index=14&type=section&id=Note%208%20-%20Leases) Right-of-use assets and operating lease liabilities both decreased dramatically to below $40,000 in the first half of 2024 Lease Assets and Liabilities | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Right-of-use assets, net | $32,310 | $1,232,323 | | Total operating lease liabilities | $36,438 | $1,236,548 | [Note 9 - Short-term Bank Loans](index=14&type=section&id=Note%209%20-%20Short-term%20Bank%20Loans) The Group eliminated its $2.26 million short-term bank loan through the divestiture of a subsidiary - The company eliminated its **$2.26 million short-term bank loan** through the disposition of its subsidiary, Tantech Charcoal[66](index=66&type=chunk) [Note 10 – Convertible note](index=15&type=section&id=Note%2010%20%E2%80%93%20Convertible%20note) A convertible note was partially converted, its balance increased due to share price drops, and it was later exchanged post-period - The June 2023 Note was partially converted into **796,666 common shares** in H1 2024[70](index=70&type=chunk) - A compensation of **$610,227 was added to the note's balance** due to a significant drop in the company's share price[71](index=71&type=chunk) - Subsequent to the reporting period, on September 5, 2024, the June 2023 Note was cancelled and exchanged for a **new promissory note with a principal amount of $1,525,213**[72](index=72&type=chunk) [Note 11 - Related Party Balances and Transactions](index=16&type=section&id=Note%2011%20-%20Related%20Party%20Balances%20and%20Transactions) The Group holds unsecured, interest-free balances totaling $981,127 due to its Chairman and CEO for working capital purposes Due to Related Parties | Due to Related Party | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Mr. Zhengyu Wang and his affiliates | $833,555 | $756,965 | | Mr. Wangfeng Yan, and his affiliates | $147,572 | $146,502 | | **Total** | **$981,127** | **$903,467** | [Note 12 - Commitments and Contingencies](index=16&type=section&id=Note%2012%20-%20Commitments%20and%20Contingencies) The Group has accrued a liability of approximately $2.0 million, including interest, related to a lawsuit from a former manager - The company has a legal contingency from a lawsuit, resulting in an **accrued liability of approximately $2.0 million** (RMB 14.55 million) including principal and interest[80](index=80&type=chunk) [Note 13 - Stockholders' Equity](index=17&type=section&id=Note%2013%20-%20Stockholders%27%20Equity) A 2024 private placement led to a dramatic increase in outstanding warrants, which are classified as derivative liabilities - In April 2024, the company completed a private placement of **4.2 million units at $0.50 per unit**, with each unit comprising a common share (or pre-funded warrant), two Series A warrants, and one Series B warrant[85](index=85&type=chunk) - The warrants issued in the April 2024 Private Placement are accounted for as **derivative liabilities measured at fair value, totaling $2,208,668** as of June 30, 2024[89](index=89&type=chunk) - The number of outstanding warrants increased from 25,250 at year-end 2023 to **8,875,250 at June 30, 2024**, primarily due to the April 2024 private placement[90](index=90&type=chunk) [Note 14 - Non-controlling Interests](index=19&type=section&id=Note%2014%20-%20Non-controlling%20Interests) The non-controlling interest balance of ($2.91 million) represents a 30% outside equity stake in the Shangchi Automobile subsidiary - The non-controlling interest represents a **30% equity stake** in Shangchi Automobile and its subsidiary, held by an outside party[17](index=17&type=chunk)[93](index=93&type=chunk) [Note 15 - Segment Information](index=19&type=section&id=Note%2015%20-%20Segment%20Information) The Consumer Products segment drives the business with $21.5 million in revenue, while the EV segment remains minimal and unprofitable - Geographically, **$20.9 million of the $21.5 million in total revenue** for H1 2024 came from China[94](index=94&type=chunk) Segment Performance (H1 2024) | Segment (H1 2024) | Revenue | Segment Profit (Loss) | | :--- | :--- | :--- | | Consumer Products | $21,484,736 | $1,782,209 | | Electric Vehicles (EV) | $41,851 | $(674,169) | | **Total** | **$21,526,587** | **$1,108,040** | [Note 16 - Subsequent Events](index=20&type=section&id=Note%2016%20-%20Subsequent%20Events) Post-period, the company raised $2.0 million in gross proceeds through a new unsecured promissory note - On August 1, 2024, the Company issued a new unsecured promissory note for **$2.0 million in gross proceeds**[99](index=99&type=chunk)

Company Overview - Tantech Holdings Ltd is a high-tech enterprise specializing in bamboo charcoal-based products with a decade of experience in production, research, and development [2] - The company has a well-established domestic and international sales and distribution network [2] - Tantech acquired 70% of Shangchi Automobile in 2017, enabling it to manufacture and sell vehicles [2] - The company established two new subsidiaries in November 2020, Lishui Smart New Energy Automobile Co Ltd and Zhejiang Shangchi New Energy Automobile Co Ltd, to produce and sell street sweepers and other electric vehicles [2] - Tantech is fully ISO 90000 and ISO 14000 certified and has received numerous national, provincial, and local honors, awards, and certifications for its products and scientific research efforts [2] - The company's subsidiary, First International Commercial Factoring (Shenzhen) Co Ltd, is engaged in commercial factoring for businesses in and related to its supply chain [2] Market Expansion - Tantech's US subsidiary, Gohomeway Group Inc, signed an annual purchase agreement with Heidi Enterprise Group for the period of January 2025 to December 2025 [1] - Under the agreement, Heidi Enterprise Group will procure flooring products worth $400,000 to $500,000 monthly, totaling $5 million annually, from Gohomeway Group Inc [1] - This agreement marks a milestone in Tantech's successful expansion into the US market [6] - Tantech's CEO, Wangfeng Yan, emphasized the company's commitment to market growth in the US and plans to establish a robust market ecosystem, including a comprehensive distribution network and franchise system through Gohomeway Group Inc [6]

LISHUI, China, Dec. 16, 2024 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company") today announced that Tantech has established two subsidiaries in the United States, Gohomeway Inc and Gohomeway Group Inc. The new companies aim to support the Company's growing demand for overseas business, increase its presence in the green building materials sector, and expand its operations in this field. Since its focus on the development of formaldehyde-removal carbon products for construction ...

LISHUI, China, Aug. 28, 2024 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), announced today that on August 27, 2024, it received notification from The Nasdaq Stock Market LLC ("NASDAQ") confirming the Company has been granted an additional 180 calendar day period for compliance under its minimum bid price requirement through February 24, 2025. To regain compliance with NASDAQ's minimum bid price requirement, the closing bid price of the Company's common shares needs to be ...

LISHUI, China, June 17, 2024 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company") announced today that it received notification from The Nasdaq Stock Market LLC ("Nasdaq") confirming the Company has regained compliance with the periodic filing requirement for Nasdaq under Listing Rule 5250(c)(1). Nasdaq noted this matter is now closed. About Tantech Holdings LtdFor the past decade, Tantech has been a highly specialized high-tech enterprise producing, researching and developing ba ...

LISHUI, China, May 21, 2024 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company") announced today that it received a notice of non-compliance from Nasdaq Stock Market LLC ("Nasdaq") on May 20, 2024 stating that, as a result of not having timely filed its annual report on Form 20-F for the year ended December 31, 2023, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the Securities and Exchange Com ...

Tantech (NASDAQ:TANH) stock is taking off on Monday as the manufacturing company experiences heavy trading this morning.This has more than 42 million shares of TANH stock changing hands as of this writing. That’s a massive leap over its daily average trading volume of about 300,000 shares.It’s also worth noting that the float for TANH stock is 987,020 units. Investors will also keep in mind that the short interest in Tantech’s float is sitting at 8.24%.It’s also worth mentioning that TANH is a penny stock. ...

Core Points - Tantech Holdings Ltd has entered into a securities purchase agreement to raise approximately $2.1 million from institutional investors, with the closing expected on April 24, 2024 [1] - The company will issue a total of 4,200,000 units at a purchase price of $0.50 per unit, which includes common shares and warrants [2] - Maxim Group LLC is acting as the sole placement agent for this offering [3] Company Overview - Tantech is a high-tech enterprise specializing in bamboo charcoal-based products and has a well-established sales and distribution network both domestically and internationally [5] - Since acquiring 70% of Shangchi Automobile in 2017, the company has expanded into vehicle manufacturing and sales, including electric vehicles [5] - Tantech has established subsidiaries focused on producing street sweepers and other electric vehicles, and holds ISO 90000 and ISO 14000 certifications [5]

LISHUI, China, Feb. 29, 2024 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company") today announced that on February 27, 2024, it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2). It resulted from the fact that the closing bid price of the Company's ordinary shares was below $1.00 per share for a period of 31 consecutive bu ...