Golden Heaven Group Holdings Ltd. Announces Financial Results for Fiscal Year 2023

Core Viewpoint - Golden Heaven Group Holdings Ltd. reported a challenging fiscal year 2023, with significant declines in revenue and net income due to decreased park attendance and facility maintenance, but remains optimistic about future growth and market expansion following its Nasdaq listing in April 2023 [1][2]. Financial Performance Summary - Total revenue for fiscal year 2023 was $31.8 million, a decrease of 23.93% from $41.8 million in fiscal year 2022 [2][3]. - Gross profit was $19.3 million, down 35.97% from $30.2 million in the previous year, with a gross margin of 60.76%, compared to 72.19% in fiscal year 2022 [2][9]. - Income from operations decreased to $10.7 million, down from $21.2 million in fiscal year 2022 [2]. - Net income fell to $6.5 million, a decline of 54.29% from $14.3 million in fiscal year 2022, resulting in earnings per share of $0.13, compared to $0.29 in the prior year [2][11]. Revenue Breakdown - Revenue from sales of in-park recreation was $30.1 million, a decrease of 23.52% from $39.4 million in fiscal year 2022, primarily due to park closures and reduced attendance [7]. - Rental income increased by 39.04% to $1.5 million, attributed to new revenue streams from projects initiated in previous years [8]. - Revenue from park service fees dropped to $0.2 million from $1.3 million, mainly due to fewer events held in fiscal year 2023 compared to the previous year [8]. Cost and Expenses - Cost of revenue increased by 7.32% to $12.5 million, primarily due to higher facility safety maintenance fees [9]. - Total operating expenses decreased by 4.28% to $8.6 million, with an increase in general and administrative expenses offset by a decrease in selling expenses [10]. Cash Position - As of September 30, 2023, cash and cash equivalents were $0.2 million, a significant decrease from $22.4 million as of September 30, 2022 [11]. Company Overview - Golden Heaven Group Holdings Ltd. operates six amusement parks and recreational facilities across southern China, collectively offering approximately 139 rides and attractions, accessible to a population of around 21 million [12][13].