Revenue Performance - Revenue from the real estate sector decreased by approximately $0.4 million, or 4.3%, from approximately $8.9 million for fiscal year 2023 to approximately $8.5 million for fiscal year 2024[369] - Revenue generated from non-real estate sectors increased by 3.2%, from 42.0% for fiscal year 2023 to 45.2% for fiscal year 2024[373] - Total revenues for the fiscal year ended September 30, 2024, increased by approximately $0.2 million, or 1.4%, to approximately $15.5 million compared to $15.3 million for the fiscal year ended September 30, 2023[388] - Revenue from projects decreased by approximately $1.3 million, or 15.1%, to $7.5 million, primarily due to reduced revenue from clients in the real estate sector[390] - Revenue from products increased by approximately $1.6 million, or 26.0%, to $7.7 million, driven by collaborations with clients outside the real estate industry[391] - Revenue from services decreased by approximately $57,000, or 15.7%, to $308,469, attributed to a slight decrease in service contracts[392] Profitability - Net profit decreased by approximately $0.5 million, from approximately $1.5 million for fiscal year 2023 to approximately $1.0 million for fiscal year 2024[371] - Gross profit decreased by approximately $0.2 million, or 6.6%, to approximately $2.9 million, with a gross margin of 18.6% compared to 20.2% in the previous year[397] - Impairment losses for the fiscal year ended September 30, 2024, were approximately $0.7 million, related to a HVAC system installation project for a customer facing liquidity issues[402] - Net income decreased by approximately $0.5 million, from approximately $1.5 million for the fiscal year 2023 to approximately $1.0 million for the fiscal year 2024[405] - Gross profit margin for products decreased from 14.7% for the fiscal year ended September 30, 2023, to 14.1% for the fiscal year ended September 30, 2024[399] - Gross profit increased by approximately $1.7 million, or 117.9%, to approximately $3.1 million for the fiscal year ended September 30, 2023, with a gross margin of 20.2%[417] Cost Management - Total cost of revenues increased by approximately $0.4 million, or 3.4%, to approximately $12.6 million for the fiscal year ended September 30, 2024[393] - Total cost of revenues increased by approximately $2.3 million, or 23.4%, to approximately $12.2 million for the fiscal year ended September 30, 2023[413] - Subcontracting fees constituted 13.4% of total cost of sales for fiscal year 2024, down from 15.8% in fiscal year 2023[384] - Selling expenses decreased by approximately $0.1 million, or 75.1%, due to strict expenditure control and no demo house construction costs incurred[401] - General and administrative expenses decreased by approximately $0.3 million, or 30.0%, to approximately $0.7 million for the fiscal year ended September 30, 2023[422] Market and Strategic Developments - Project awards during fiscal year 2024 increased by approximately $3.1 million, or 52.3%, to $9.0 million, compared to approximately $5.9 million during fiscal year 2023[370] - Backlog as of September 30, 2024, totaled approximately $18.3 million, with $14.96 million from the real estate sector and $3.34 million from sectors beyond real estate[376] - The company incorporated WF Nevada as a wholly-owned subsidiary in December 2023 to explore overseas market opportunities[375] - The company anticipates a gradual recovery in construction activities in the real estate sector, particularly for high-end, fully furnished homes equipped with HVAC systems[370] Risks - The company is exposed to inflation risk, which could impair operating results if revenues do not keep pace with rising costs[633] - Interest rate risk exists due to outstanding short-term and long-term loans, with potential changes upon renewal[634]