Core Viewpoint - CDT Environmental Technology Investment Holdings Limited reported strong financial performance for the fiscal year 2023, with significant growth in revenues, gross profit, and net income, alongside positive expectations for 2024 [2][3][4]. Financial Performance - Revenues for 2023 reached $34.2 million, an increase of 18.6% year-over-year [2]. - Gross profit was $11.4 million, representing 33.3% of sales, with an 11.0% increase from the previous year [2]. - Operating expenses decreased to $2.8 million, or 8.2% of sales, down by $1.1 million, or 28.9% year-over-year [2]. - Net income for 2023 was $7.0 million, or $0.81 per share, reflecting a 34.6% increase compared to $5.2 million, or $0.63 per share in 2022 [2][10]. - Working capital improved to $24.2 million from $12.9 million [2]. Business Developments - The company announced three new patents for AI-powered intelligent waste-sorting technologies [3]. - Sewage treatment systems revenue increased by over 20% for the year, with significant projects in Lianjiang and Wuyishan progressing [3]. - Upcoming projects include an $11.7 million contract in Jianyang District, Nanping City, China [3]. Future Outlook - Management anticipates revenues for 2024 to be between $42.5 million and $47.0 million, with net income expected to range from $8.7 million to $10.2 million, indicating a growth of 30% for revenue and 35% for net income at the midpoint [4]. Company Overview - CDT is a leading provider in China's waste treatment sector, focusing on innovative solutions for sustainable development [5][6]. - The company has completed over 150 plants across China and aims to address environmental challenges through advanced technologies [6].
CDT Environmental Technology Investment Holdings Limited Files Annual Report on Form 20-F