IT Tech Packaging(ITP) - 2024 Q1 - Quarterly Results

Revenue Performance - Revenue for Q1 2024 decreased by 65.32% to approximately $6.86 million, down from $19.79 million in Q1 2023[3] - Revenues for Q1 2024 were $6,863,841, a decrease of 65.3% compared to $19,790,877 in Q1 2023[27] Profitability - Gross profit was approximately $0.40 million, compared to a gross loss of $0.28 million for the same period last year, resulting in a gross profit margin of 5.81%[4] - Gross profit for Q1 2024 was $399,113, compared to a gross loss of $276,999 in Q1 2023[28] - Loss from operations was approximately $3.50 million, a decrease of 26.31% from a loss of $2.77 million in Q1 2023[14] - Net loss for Q1 2024 was approximately $3.75 million, or loss per share of $0.37, compared to a net loss of $2.73 million, or loss per share of $0.27, in Q1 2023[15] - Net loss for Q1 2024 was $3,746,536, compared to a net loss of $2,733,165 in Q1 2023, representing an increase in loss of 37.1%[28] - EBITDA for Q1 2024 was approximately negative $0.02 million, compared to $1.21 million for the same period last year[16] - The company reported a basic and diluted loss per share of $0.37 for Q1 2024, compared to a loss of $0.27 per share in Q1 2023[28] Expenses - Selling, general and administrative expenses increased by 56.32% to approximately $3.90 million for Q1 2024 from approximately $2.50 million in Q1 2023[13] - Selling, general and administrative expenses increased to $3,900,783 in Q1 2024 from $2,495,362 in Q1 2023, an increase of 56.5%[28] Cash and Assets - Cash and bank balances as of March 31, 2024, were approximately $4.51 million, compared to $3.92 million as of December 31, 2023[18] - Cash and cash equivalents at the end of Q1 2024 were $5,417,560, down from $16,750,940 at the end of Q1 2023, a decrease of 67.6%[30] - Operating cash flow for Q1 2024 was $624,420, a significant decline from $4,809,928 in Q1 2023[30] - Current assets were approximately $30.01 million and current liabilities were approximately $24.57 million, resulting in working capital of approximately $5.44 million as of March 31, 2024[20] - Total current assets increased to $30,014,832 in Q1 2024 from $28,357,901 in Q4 2023, a growth of 5.8%[25] - Total liabilities rose to $28,307,396 in Q1 2024 from $26,406,786 in Q4 2023, an increase of 7.2%[25] Strategic Plans - The company plans to optimize raw material structure and explore new products and markets to capture greater market share[2]