Oriental Culture(OCG) - 2021 Q4 - Annual Report

Financial Highlights Oriental Culture Holding LTD reported significant FY2021 financial growth, with revenues up 115.6% and net income surging 458.8% Fiscal Year 2021 vs 2020 Financial Performance | Metric | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $37.6M | $17.4M | 115.6% | | Gross Profit | $35.2M | $14.8M | 137.7% | | Gross Margin | 93.5% | 84.8% | +8.7 p.p. | | Income from Operations | $10.9M | $1.7M | 561.3% | | Operating Profit Margin | 29.0% | 9.4% | +19.5 p.p. | | Net Income | $11.4M | $2.0M | 458.8% | | Earnings Per Share | $0.56 | $0.13 | 330.8% | Management Commentary Management expressed satisfaction with record FY2021 results, highlighting market recovery and optimism for NFT and Metaverse growth - The Chairman, Mr. Lewis Wan, noted that 2021 was an extraordinary year with record revenue and net income, and expressed optimism about the company's development in NFT and Metaverse areas[3] - The CFO, Ms. Fiona Ni, attributed the strong performance to the market rebound in China and Hong Kong and highlighted a significant improvement in gross margin, which increased from approximately 85% in 2020 to 94% in 2021[3] About Oriental Culture Holding LTD Oriental Culture Holding LTD provides an online e-commerce platform for collectibles and artwork, expanding into NFTs and metaverse projects - The company provides an online e-commerce platform for collectors, artists, and dealers to trade collectibles and artwork[4] - The company is currently developing new business and services related to NFTs for cultural and artwork collections, as well as a metaverse project[4] Safe Harbor Statement This press release contains forward-looking statements subject to risks and uncertainties, cautioning investors against undue reliance - The press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties[5] - The Company undertakes no obligation to publicly revise forward-looking statements to reflect subsequent events or circumstances[5]