Li Bang International Announces Its Interim Financial Results for the Six Months Ended December 31, 2024

Core Viewpoint Li Bang International Corporation reported a significant increase in revenue and a reduction in net loss for the six months ended December 31, 2024, compared to the same period in 2023, indicating improved operational performance despite economic challenges in China. Financial Performance - Total revenue increased by $987,000, or 26.5%, to $4,716,845 for the six months ended December 31, 2024, from $3,729,845 in 2023, primarily driven by higher project sales [4][5] - Gross profit rose to $840,929, reflecting a 37.5% increase from $611,788 in the prior year, with gross margin improving to 17.8% from 16.4% [7][5] - Operating expenses decreased by $167,149, or 7.6%, to $2,023,363, down from $2,190,512 in 2023 [8][16] Project and Retail Sales - Revenue from project sales increased by $963,906, or 27.6%, to $4,451,937, attributed to the completion of three additional projects compared to the previous year [6] - Retail sales revenue grew by $23,094, or 9.6%, to $264,908, due to a slight increase in the number of retail transactions [6] Net Loss and Other Income - Net loss decreased to $1,125,915 for the six months ended December 31, 2024, down from $1,463,048 in 2023, marking a reduction of $337,133 [10][5] - Other income decreased significantly, resulting in a net other expense of $10,899 compared to a net income of $134,568 in the previous year [9][24] Cash Flow and Balance Sheet - Net cash provided by operating activities was $258,431, an increase of $430,260 from a net cash used of $171,829 in 2023, reflecting improved profitability and receivable management [12] - As of December 31, 2024, cash increased to $1,094,269 from $153,914 as of June 30, 2024, indicating a strong liquidity position [11] Equity and Financing - The company completed its initial public offering (IPO) in 2024, resulting in net proceeds of approximately $5.23 million, contributing to a significant increase in cash flow from financing activities [14]