Financial Performance - Net revenues for the six months ended June 30, 2025, were $74,508, a decrease of 3.3% compared to $77,264 for the same period in 2024[7] - Gross profit for the six months ended June 30, 2025, was $24,003, down 15.7% from $28,220 in 2024[7] - Operating expenses increased significantly to $34,544 for the six months ended June 30, 2025, compared to $22,398 in 2024, reflecting a rise of 54.2%[7] - The company reported a net loss of $8,039 for the six months ended June 30, 2025, compared to a net income of $4,297 in 2024[7] - Basic and diluted net income per share for the six months ended June 30, 2025, was $(0.15), down from $0.08 in 2024[7] - For the six months ended June 30, 2024, total revenues were $77,264, while for the same period in 2025, total revenues decreased to $74,508, representing a decline of approximately 3.6%[119] - Offline sales to dealers decreased from $45,668 in 2024 to $39,384 in 2025, a decline of about 13.8%[119] - Revenues from North America for the six months ended June 30, 2024, were $47,503, which decreased to $45,255 in 2025, reflecting a decline of approximately 4.7%[120] Assets and Liabilities - Total current assets decreased slightly to $114,352 as of June 30, 2025, from $115,522 as of December 31, 2024[4] - Cash and cash equivalents increased to $52,269 as of June 30, 2025, from $42,997 as of December 31, 2024, representing a growth of 21.5%[4] - Total liabilities remained relatively stable at $82,164 as of June 30, 2025, compared to $82,036 as of December 31, 2024[4] - Shareholders' equity increased to $58,187 as of June 30, 2025, from $56,886 as of December 31, 2024, indicating a growth of 2.3%[4] - The Group's accounts receivable, net of allowance for credit losses, were $31,640 and $36,995 as of December 31, 2024 and June 30, 2025, respectively[44] - The balance of advance from customers amounted to $486 and $455 as of December 31, 2024 and June 30, 2025, respectively[45] - The Group's inventories, net, decreased from $20,616 as of December 31, 2024 to $13,998 as of June 30, 2025[60] - The total prepaid expenses and other current assets decreased from $10,916 as of December 31, 2024 to $7,932 as of June 30, 2025[61] - As of June 30, 2025, total investments decreased to $12,918 million from $16,757 million as of December 31, 2024, representing a decline of approximately 22%[66] Borrowings and Expenses - Short-term borrowings increased to $31,268 million as of June 30, 2025, up from $23,438 million as of December 31, 2024, reflecting a growth of about 33%[69] - Interest expenses for the six months ended June 30, 2025, were $512 million, down from $583 million for the same period in 2024, indicating a reduction of approximately 12%[72] - The total operating lease liabilities increased to $6,178 million as of June 30, 2025, compared to $3,199 million as of December 31, 2024, marking an increase of about 93%[77] - Accrued expenses and other current liabilities totaled $9,948 million as of June 30, 2025, a decrease from $13,239 million as of December 31, 2024, representing a decline of approximately 25%[68] - Share-based compensation expenses recognized for the six months ended June 30, 2025, amounted to $8,645 million, with no unrecognized expenses remaining as of that date[81] Taxation - Jiangxi Yibo is eligible for a preferential tax rate of 15% as a qualified "High and New Technology Enterprise," with the current certificate expiring on December 14, 2025[89] - The preferential income tax policy for small and micro enterprises allows a 25% reduction in taxable income for those with annual taxable income not exceeding RMB1 million, effective from January 1, 2023, to December 31, 2027[91] - The tax holiday resulted in a cost of $520 and savings of $846 for the six months ended June 30, 2024 and 2025, respectively[92] - The total income tax expense for the six months ended June 30, 2024 and 2025 was $802 and $207, respectively[94] - The effective income tax rate for the six months ended June 30, 2024 was 16.00%, while for 2025 it was (2.64)%[95] - The deferred tax assets as of June 30, 2025 amounted to $4,657, with net deferred tax assets after valuation allowance at $1,978[94] Corporate Structure and Operations - Planet Image International Limited is primarily engaged in the manufacturing and sale of compatible toner cartridges, with manufacturing facilities located in China, and the majority of products sold in the U.S. and Europe[15] - The company underwent a reorganization in March 2020, resulting in Jiangxi Yibo becoming a wholly-owned subsidiary of Aster HK, with a total consideration of $15,083 (RMB100,000) paid to former shareholders[19] - As of June 30, 2025, all subsidiaries of Planet Image are wholly-owned, including Aster BVI, Aster HK, and Jiangxi Yibo, which focuses on manufacturing compatible toner cartridges[23] - The company adopted ASC Topic 606 for revenue recognition on January 1, 2019, with revenues primarily generated from sales of compatible toner cartridges through both offline and online channels[38] - The Group's long-lived assets were predominantly located in the PRC, with 99.25% as of December 31, 2024, and 95.77% as of June 30, 2025[122] Subsequent Events - The Group did not identify any subsequent events with material financial impact on the unaudited condensed consolidated financial statements from June 30, 2025, through September 16, 2025[127]
Planet Image International(YIBO) - 2025 Q2 - Quarterly Report