Wuxi, China, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Mingteng International Corporation Inc. (the "Company" or "Mingteng International") (Nasdaq: MTEN), an automotive mold developer and supplier in China, today announced that its subsidiary, Wuxi Mingteng Mould Technology Co., Ltd., or Wuxi Mingteng, entered into a strategic cooperation framework agreement (the "Agreement") with Suzhou Lvkon Transmission Technology Co., Ltd. ("Lvkon") in July 2025, an innovative leading enterprise focusing on the power transmissi ...

Core Viewpoint - Mingteng International Corporation has entered into a technology development agreement with Jilin University to develop a new hot-work die steel for die-casting molds, aiming to enhance its technical capabilities and meet the growing demand for high-quality aluminum alloy die-castings [1][4]. Company Overview - Mingteng International Corporation is an automotive mold developer and supplier based in China, focusing on molds for auto parts and providing comprehensive mold services including design, production, assembly, testing, and after-sales service [5]. - The company’s main products include casting molds for various automotive systems, including turbocharger systems, braking systems, and new energy electric vehicle components [5]. Strategic Initiative - The Entrustment Agreement with Jilin University is effective from December 26, 2024, to December 26, 2027, and aims to develop a new hot-work die steel that will improve die-casting lifespan to over 80,000 cycles and reduce material costs by 40% [1][2]. - Wuxi Mingteng has already fabricated molds using the first batch of trial die steel materials, which have been delivered for preliminary application testing, showing performance in line with expectations [2]. Market Context - The demand for high-quality aluminum alloy die-castings is increasing due to the rapid development of industries such as new energy vehicles, electronics, and aerospace, which is driving the expansion of the die-casting mold material market [4]. - The collaboration with Jilin University is intended to strengthen the company's technical capabilities to compete with international peers like ASSAB, Hitachi, and Daido, aiming for high performance and quality at a cost-effective level [4]. Future Outlook - The new hot-work die steel is expected to be a key growth driver for Mingteng International, with anticipated strong revenue generation linked to the widespread industrial demand for aluminum alloy die-castings [4].

Core Viewpoint - Mingteng International Corporation Inc. reported a solid revenue growth of 23.0% in fiscal year 2024, driven by strategic decisions to expand production capacity and workforce, despite facing increased operating expenses and a net loss for the year [2][4][18]. Financial Performance - Total revenue for fiscal year 2024 was $10.12 million, up from $8.23 million in fiscal year 2023, marking a 23.0% increase [4][6]. - Gross profit decreased to $3.07 million in fiscal year 2024 from $3.32 million in fiscal year 2023, resulting in a gross margin of 30.3%, down from 40.4% [4][13]. - The company reported a net loss of $5.68 million in fiscal year 2024, compared to a net income of $1.51 million in fiscal year 2023 [18][19]. Revenue Breakdown - Revenue from mold production was $6.87 million, a 3.5% increase from $6.64 million in fiscal year 2023 [7]. - Revenue from mold repair was $1.10 million, reflecting a 1.7% increase from $1.08 million in fiscal year 2023 [8]. - Revenue from machining services surged by 327.6% to $2.14 million from $0.50 million in fiscal year 2023, becoming a key growth driver [9]. Cost Structure - Cost of revenues increased by 43.9% to $7.05 million in fiscal year 2024 from $4.90 million in fiscal year 2023 [10]. - Labor costs rose significantly due to increased hiring, contributing to the overall rise in costs [10][11]. - The company invested $1.13 million in production machinery and equipment, leading to higher depreciation expenses [11]. Operating Expenses - Total operating expenses reached $8.18 million, a dramatic increase of 417.4% from $1.58 million in fiscal year 2023 [15]. - General and administrative expenses surged to $7.40 million, primarily due to share-based compensation and consulting fees related to the IPO [16]. Cash Flow and Financial Condition - As of December 31, 2024, cash and cash equivalents were $2.08 million, up from $1.06 million in the previous year [20]. - Net cash provided by operating activities was $0.29 million, a decrease from $1.30 million in fiscal year 2023 [20]. - The company raised $4.15 million from financing activities, compared to a net cash outflow of $1.25 million in fiscal year 2023 [21].