Baiya International Group Inc. Announces Fiscal Year 2024 Financial Results

Core Viewpoint - Baiya International Group Inc. reported a resilient performance for fiscal year 2024, achieving a revenue growth of 10.7% despite economic challenges, driven by a focus on project outsourcing services and strategic partnerships in the logistics sector [2][4]. Financial Performance - Net revenues for fiscal year 2024 were $12.8 million, an increase of 10.7% from $11.6 million in fiscal year 2023 [4][5]. - Gross profit rose to $1.4 million, reflecting a significant increase of 75.4% from $0.8 million in fiscal year 2023 [5][9]. - The company turned a net loss of $1.1 million in fiscal year 2023 into a net income of $6,687 in fiscal year 2024, with basic and diluted net income per share at $0.00 compared to a loss of $0.10 in the previous year [5][12]. Revenue Breakdown - Revenue from project outsourcing services was $12.8 million, marking a 26.6% increase from $10.1 million in fiscal year 2023, primarily due to new contracts with major customers [6][19]. - Revenue from entrusted recruitment services decreased by 97.2% to $0.04 million, attributed to the lingering effects of COVID-19 preventive measures [6][19]. - Revenue from other services increased by 155.6% to $3,050, mainly from software revenue [6]. Cost and Expenses - Total cost of revenue was $11.4 million, an increase of 5.8% from $10.8 million in fiscal year 2023 [8]. - Total operating expenses decreased by 11.7% to $1.3 million, driven by reductions in general and administrative expenses and research and development costs [10][19]. Cash Flow and Financial Condition - As of December 31, 2024, the company had cash of $1.7 million, a significant increase from $0.03 million in the previous year [13]. - Net cash provided by operating activities was $1.6 million, compared to a net cash used of $1.8 million in fiscal year 2023 [13][20]. Recent Developments - The company completed its initial public offering on March 24, 2025, raising gross proceeds of $10.0 million by offering 2,500,000 ordinary shares at $4.00 per share [14][15].