Core Viewpoint - Chanson International Holding reported moderate revenue growth in fiscal year 2024, driven primarily by strong performance in its bakery product segment in China, despite challenges in the macroeconomic environment [2][4]. Financial Performance - Total revenue increased by 5.7% to $18.2 million in fiscal year 2024, up from $17.3 million in fiscal year 2023 [4][6]. - Revenue from China Stores rose by 12.8% to $16.1 million, with bakery products contributing significantly to this growth [7]. - Revenue from bakery products in China increased by 18.0% to $14.8 million, attributed to the opening of 15 new bakery stores [7]. - Revenue from United States Stores decreased by 29.1% to $2.1 million, primarily due to declines in beverage products and eat-in services [12]. Profitability Metrics - Gross profit decreased to $7.2 million in fiscal year 2024 from $8.1 million in fiscal year 2023, with a gross margin of 39.5% compared to 47.2% in the previous year [6][8]. - Net income rose significantly to $0.76 million from $0.03 million in fiscal year 2023, with earnings per share increasing to $0.05 from $0.003 [10][14]. Operating Expenses - Operating expenses decreased to $7.7 million in fiscal year 2024 from $8.8 million in fiscal year 2023, reflecting cost management efforts [9][13]. Cash Flow and Balance Sheet - Cash and cash equivalents increased to $12.1 million as of December 31, 2024, compared to $1.5 million at the end of 2023 [15]. - Net cash provided by operating activities was $3.5 million in fiscal year 2024, a turnaround from net cash used in the previous year [16]. Strategic Initiatives - The company has diversified its product offerings by introducing freshly brewed coffee, responding to evolving consumer trends [3]. - Strategic initiatives, including targeted promotions for price-sensitive consumers, have contributed to resilient revenue growth and market share expansion [3].
Chanson International Holding Announces Fiscal Year 2024 Financial Results