Alpha Technology Group Limited Reports 2023 Financial Year Results

Core Viewpoint - Alpha Technology Group Limited reported a significant revenue increase of 96.55% for the fiscal year ended September 30, 2023, driven by growth in system development services, NFT-related services, and technological support [2][5][12]. Financial Highlights - Revenues rose from HK$4.42 million (approximately US$0.55 million) in 2022 to HK$8.69 million (approximately US$1.11 million) in 2023, marking a 96.55% increase [2][5]. - Gross profit increased by HK$1.85 million (approximately US$0.24 million), or 183.99%, from HK$1.00 million in 2022 to HK$2.85 million (approximately US$0.36 million) in 2023 [2][10]. - Gross profit margin improved from 22.67$5.84 million (approximately US$0.75 million) due to higher staff costs and consultancy fees [2][8]. - Selling, general, and administrative expenses rose by 94.47$7.23 million (approximately US$0.92 million), driven by increased staff costs and director's remuneration [2][11]. - The net loss for the year increased by 162.33$6.99 million (approximately US$0.89 million) [2][12]. Revenue Breakdown - Revenue from system development services increased by 65.83$5.97 million [7]. - Revenue from NFT-related services was HK$1.59 million, a 100$1.05 million [7]. Recent Developments - On November 2, 2023, Alpha completed its initial public offering, raising approximately US$7.00 million from the sale of 1,750,000 Ordinary Shares at US$4 per share, with net proceeds totaling around US$5.32 million after expenses [13].