Core Viewpoint - Haoxi Health Technology Limited reported significant financial growth for the fiscal year ended June 30, 2024, with net revenue increasing by 72% to $48.52 million, driven by a rise in average revenue per client and an expanded customer base [2][3]. Financial Highlights - Net revenue for fiscal 2024 reached $48.52 million, up from $28.23 million in 2023, marking a 72% increase [2][3][7]. - Gross profit increased by 33% to $2.75 million, compared to $2.06 million in the previous fiscal year [2][10]. - Net income grew by 33% to $1.29 million, up from $0.97 million in fiscal 2023 [2][13]. Revenue Generation - The company generates revenue through one-stop online marketing solutions, including traffic acquisition, content production, data analysis, and advertising campaign optimization [6]. - The increase in revenue is attributed to a rise in average revenue per client from $71,830 in fiscal 2023 to $89,355 in fiscal 2024, alongside an increase in the customer base from 393 to 543 clients [3][7]. Cost Structure - Cost of revenue increased by 75% to $45.77 million, in line with revenue growth [9][10]. - Selling and marketing expenses rose by 30% to $41,613, while general and administrative expenses increased by 17% to $911,531 [11][12]. Recent Developments - The company announced a strategic partnership with Gauss Intelligence to leverage AI capabilities for marketing solutions [4]. - A follow-on offering raised $12 million, enhancing the company's financial position [5]. Cash Position - As of June 30, 2024, the company had cash and cash equivalents of $6.66 million, a significant increase from $1.20 million in the previous year [13][18].
Haoxi Health Technology Limited Reports Financial Results for Fiscal Year Ended June 30, 2024