Core Insights - Trident Digital Tech Holdings Ltd reported a decline in total revenues of 21.27%, from US$481,165 in the first half of 2023 to US$378,839 in the first half of 2024, primarily due to a strategic shift towards its Web 3.0 e-commerce platform, Tridentity [2][5][21] - The company experienced a net loss of US$1,927,027 for the first half of 2024, compared to a net loss of US$1,861,412 in the same period of 2023, reflecting ongoing business transformation efforts [2][4][21] Financial Performance - Total revenues for the first half of 2024 were US$378,839, down from US$481,165 in the first half of 2023, marking a decrease of US$102,326 [4][5] - The cost of revenues decreased by 7.49% from US$389,569 in 2023 to US$360,390 in 2024, attributed to reduced direct labor costs and miscellaneous costs due to headcount reductions [7][21] - Gross profit fell significantly to US$18,449 in the first half of 2024 from US$91,596 in 2023, resulting in a gross profit margin decline from 19.0% to 4.9% [8][21] Operating Expenses - Selling expenses increased slightly from US$253,343 in 2023 to US$264,326 in 2024, primarily due to hiring additional personnel for Tridentity [10][21] - General and administrative expenses decreased marginally from US$1,551,710 in 2023 to US$1,528,022 in 2024, mainly due to lower professional service fees [11][21] - Research and development expenses decreased from US$192,855 in 2023 to US$172,519 in 2024, reflecting a reduction in system development costs [12][21] Strategic Focus - The company is focusing on its flagship product, Tridentity, which is a blockchain-based identity app aimed at enhancing digital commerce security and user experience [6][15] - Tridentity includes modules for NFT ticketing, blockchain-powered food delivery, and virtual community engagement, indicating a broad application across various industries [6][15] - The strategic shift towards Tridentity is expected to position the company for future growth in the rapidly evolving digital ecosystem [5][6]
Trident Reports First Half 2024 Unaudited Financial Results