Financial Performance - Total revenues for the first half of 2023 were $84.4 million, a decrease of 15.9% from $100.4 million in the same period of 2022[2] - Net loss for the first half of 2023 was $7.1 million, a decrease of 11.4% compared to a net loss of $8.0 million in the same period of 2022[16] - Total GMV (Gross Merchandise Value) was $115.5 million, down 20.6% year-over-year from $145.5 million[2] - Net revenues for the six months ended June 30, 2023, were $84,406,244, a decrease of 16% compared to $100,407,042 for the same period in 2022[26] - Loss from operations for the six months ended June 30, 2023, was $6,588,483, an improvement from a loss of $8,517,181 in the same period of 2022[26] - Net loss attributable to ordinary shareholders for the six months ended June 30, 2023, was $7,089,881, compared to $8,034,970 in the prior year, indicating a reduction of approximately 11.7%[26] - The company reported a loss per share of $3.33 for the six months ended June 30, 2023, improved from a loss per share of $4.87 in the same period of 2022[26] - For the six months ended June 30, 2023, Jowell Global Ltd. reported a net loss of $7,115,964, compared to a net loss of $8,034,970 for the same period in 2022, indicating a 11.4% improvement in net loss year-over-year[28] Revenue Sources - Household products revenue increased by about $17.4 million or 56.1% year-over-year, becoming the largest revenue producer for the company[7] Expenses and Costs - Operating loss was $6.6 million, an improvement from an operating loss of $8.5 million in the same period of 2022[14] - Total cost and operating expenses were $91.0 million, a decrease of 16.5% from $108.9 million in the same period of 2022[8] - Marketing expenses decreased by 46.7% to $3.3 million in the first half of 2023, down from $6.2 million in the same period of 2022[12] - The total cost and operating expenses for the six months ended June 30, 2023, were $90,994,727, down from $108,924,223 in the prior year, reflecting a reduction of approximately 16.5%[26] Assets and Liabilities - Total assets as of June 30, 2023, were $41,752,296, a significant decrease from $71,202,486 as of December 31, 2022[25] - Total liabilities as of June 30, 2023, were $12,770,594, down from $33,736,579 at the end of 2022[25] - The company had cash and cash equivalents of $1,983,830 as of June 30, 2023, compared to $13,718,102 at the end of 2022[25] - Cash and restricted cash at the end of the period was $1,983,830, down from $10,294,808 at the end of June 30, 2022, representing an 80.7% decrease[28] - Total stockholders' equity as of June 30, 2023, was $28,981,702, a decrease from $37,485,314 as of June 30, 2022, reflecting a 22.8% decline[27] Inventory and Receivables - Inventories increased to $17,179,507 as of June 30, 2023, from $13,278,205 at the end of 2022, reflecting a growth of approximately 29.5%[25] - The company experienced a significant increase in accounts receivable, totaling $1,670,275 for the six months ended June 30, 2023, compared to a decrease of $442,472 in the same period of 2022[28] - The balance of inventories decreased significantly, with a total of $(4,785,784) for the six months ended June 30, 2023, compared to $(1,731,202) in the same period of 2022[28] Shareholder Information - The company consolidated its ordinary shares at a ratio of one-for-sixteen on October 25, 2023, and increased authorized share capital to $800,000[26] - Jowell Global Ltd. had a total of 2,135,879 common shares outstanding as of June 30, 2023, an increase from 1,966,138 shares as of June 30, 2022[27] - The company reported a capital contribution from minority shareholders of $36,105 for the six months ended June 30, 2023[27] Foreign Currency and Cash Flow - Jowell Global Ltd. recorded a foreign currency translation loss of $1,534,482 for the six months ended June 30, 2023, compared to a loss of $1,597,147 in the same period of 2022[27] - The company reported a net cash used in operating activities of $9,918,157 for the six months ended June 30, 2023, compared to $16,186,979 for the same period in 2022, showing a 38.5% reduction in cash outflow[28] - The company issued 3,094 common shares as share-based compensation, amounting to $129,690 for the six months ended June 30, 2023, compared to $1,157,980 for the same period in 2022[28]
Jowell .(JWEL) - 2023 Q4 - Annual Report