Financial Performance - For the three months ended September 30, 2024, revenues were $2,242,365, a decline of 61.8% compared to the same period in 2023 [2] - The net loss for the third quarter was $3,492,883, with a basic and diluted loss of $0.33 per share [2] - For the nine months ended September 30, 2024, revenues were $5,932,596, a decline of 74.4% compared to the same period in 2023 [3] - The net loss for the nine months was $40,582,933, with a basic and diluted loss of $3.78 per share [3] Segment Performance - Bromine revenues for the third quarter declined by 68% to $1,571,313, while crude salt revenues declined by 26% to $654,039 [2] - Losses from operations for bromine were $13,475,400 and for crude salt were $47,725 for the nine months ended September 30, 2024 [3] - The company incurred a loss of $29,169,008 from the disposition of equipment and purchased $60,526,213 worth of new equipment [3] Cash Position and Assets - Cash position declined to $11,237,493 from $72,223,894 as of December 31, 2023 [3] - Total assets at the end of the third quarter were $193,885,294, down from $226,671,708 at the end of 2023 [3][9] Management Commentary - The CEO expressed confidence in China's economic recovery and the company's return to profitability, while acknowledging the postponement of equipment delivery for the chemical factory due to lack of short-term profitability [5] - The company is seeking the best strategy for its natural gas business and is participating in a government-required flood prevention program [5] - Management is optimistic about future opportunities as bromine prices begin to improve [6] Conference Call - Gulf Resources management will host a conference call on November 20, 2024, to discuss its unaudited financial results for the nine and three months ended September 30, 2024 [6][7]
Gulf Resources Announces Third Quarter and Nine Months 2024 Unaudited Financial Results