Financial Performance - Total revenues decreased by approximately $4.4 million, or 13.0%, to approximately $29.8 million for the year ended December 31, 2024, compared to approximately $34.2 million for the same period in 2023[3] - Net income decreased by approximately $5.6 million, or 80.0%, to $1.4 million for the year ended December 31, 2024, from approximately $7.0 million for the same period in 2023[3] - Gross profit margin increased to 37.4% for the year ended December 31, 2024, compared to 33.0% for the year ended December 31, 2023, reflecting improved operational efficiency[3] - Total operating expenses increased by approximately $6.5 million, or 233.5%, to approximately $9.2 million for the year ended December 31, 2024, primarily due to higher provisions for credit losses[3] Working Capital and Projects - As of December 31, 2024, working capital was approximately $26.0 million compared to $24.2 million[3] - The Company has two projects in backlog with a total tentative contracted amount of approximately $15.4 million, expected to commence in 2025[4] - The Company is in the process of acquiring three additional projects for its sewage treatment systems, anticipated to be signed by the third quarter of 2025[5] Strategic Initiatives - CDT is actively collaborating on waste-to-energy initiatives to diversify revenue streams and support sustainability goals[6] - The CEO stated that despite economic challenges, the Company achieved a 440-basis point margin expansion due to cost-saving efforts and restructuring actions[7] - CDT aims to enhance its competitive position and create new growth opportunities through continued investment in innovation and project acquisition[8]
CDT Environmental Technology(CDTG) - 2024 Q4 - Annual Report