Core Insights - Pinnacle Food Group Limited reported a revenue of $3,289,862 for the year ended December 31, 2024, representing a 57% increase from $2,100,819 in 2023 [1] - The company experienced a net profit decrease to $286,142, or $0.03 per share, in 2024, down from $917,687, or $0.11 per share, in 2023 [1][3] Revenue Growth - The increase in revenue for 2024 was driven by higher sales of smart farming systems, with over 3,000 units sold compared to 2,600 in 2023 [2] Profitability and Costs - The decline in net profit was attributed to a rise in cost of revenue by $915,998, leading to a gross profit margin decrease to 47% from 61% in 2023 [3] - Total operating costs and expenses surged by $707,085, or 303%, as the company prepared for its IPO [3] IPO and Future Outlook - Pinnacle successfully closed its IPO on April 23, 2025, raising gross proceeds of $7.2 million [4] - The CEO expressed optimism about future revenue growth, anticipating a shift towards larger smart farming systems for community groups and urban farms, and plans to expand into the APAC region [5]
Pinnacle Food Reports 57 Percent Revenue Increase and Net Profit of $286K in 2024